MAINE STATE GOVERNMENT PROPOSES TAKING ON ADDITIONAL BOND DEBT

As if it were not bad enough that the State government cannot - will not - fund its portion of public education, now it wants to take on MORE public debt. Debt it will eventually pass on to us, the local taxpayer in the form of even higher property taxes. Listen to the latest coming out of Augusta... thanks to an Alert from the Maine Heritage Policy Center which has developed a petition regarding NEW BONDS being proposed...

"We, the undersigned citizens and taxpayers of Maine, call on elected officials to reject new proposals that would add to Maine's existing $14,200,000,000 public debt. Our current debt totals more than $27,000 per Maine household. Enough is enough.

Some sources of Maine's current debt:


$4,200,000,000 - Moral Obligation Bonds
$3,995,000,000 - Unfunded Liability for the Maine State Retirement System
$ 507,690,000 - General Obligation Bonds
$ 183,040,000 - Transcap (debt to be paid by future state revenue)
$ 75,550,000 - GARVEE (debt to be paid by future federal transportation funds)
$ 35,260,000 - Capital Leases
$ 14,530,000 - Bond Anticipation Notes
*Source: Maine Office of the Treasurer

Adding to this public debt with additional bonds jeopardizes the economic security of future generations of Mainers. We cannot afford new bonds that will bury Maine people under an increasing mountain of debt.

At a time when Maine families and small businesses are struggling to stay afloat, "No More Debt" should be the principle of the Maine Legislature."

As we here in Eddington, Clifton and Holden are facing a $800,000 "shortfall" in the 2010-2011 school budget, the last thing we need to hear from our state government "leaders" is the idea of adding more debt when this state cannot even fulfill its responsibilities to us in the form of its share of public school funding (not to mention the 55% the taxpayers voted the state pay for three years ago and which the state has never complied with). If you agree that additional state debt is a bad idea, write to State Senate President Libby Mitchell, State Senator Richard Rosen, or State Representative Ben Pratt and let them know we'd prefer they pay the bills they already have - WE, the taxpayers, can't afford any more state debt.