Are We Building or Sinking?
Crain's has an interesting article about ongoing discussions between the Governor's office and the Four Tops to reach an agreement on a $3 billion bond deal that would put about 2/3 of the cash into road improvements, with the remainder going toward public transit and education projects. Now astute readers will realize that this could not be passed without Republican buy-in (no pun intended?), but Senate Minority Leader Frank Watson is sounding like that might not be too much of an issue:
Mr. Watson specifically suggests the state use a $175-million-a-year "windfall" it's receiving from sales taxes on the rising price of gasoline to help pay interest on the $2 billion in road bonds. In addition, Senate Republicans "would take a look at" boosting the state cigarette tax if necessary to pay for school and/or transit bonds, he says.Now roads, transit and schools are all laudable and necessary goals, but is anybody else just a little worried about this?:
According to the numbers, provided by the State, we are tripling per capita pension indebtedness over just a six year period. I am not going to revisit the previous discussions here about the pension bill at the end of last session, but at some point, much sooner rather than later, we are going to have to make some very difficult decisions in order to keep this ship afloat.