( - promoted by Mike "DD4RP" Rossettie)
Earlier today, I called for a moratorium on new, non-emergency, non-transportation capital projects.
Massachusetts has a growing dependence on borrowing, and our state has one of the highest per-capita debt loads in the nation. We need to get our priorities straight and stop adding to the mountainous pile of debt we are amassing for our children and grandchildren. There are always certain emergency repairs that need to be made, and we should honor those responsibilities. But we must hold off on borrowing money for other projects until state leaders can agree on a borrowing plan that's sustainable and affordable.
The Patrick administration's five-year capital investment plan increases debt-related spending at a 7.5 percent compound annual growth rate. Meanwhile, personal income has only risen at 3.3 percent over the past five years.
In a policy paper I released today, I am calling for a complete assessment of state non-transportation capital needs before additional non-emergency debt spending is approved. I am also calling for senior state officials to meet regularly for the purpose of deciding the appropriate amount of debt for the state to take on. And, I am vowing to stand in the way of issuing any debt whenever I disagree with the terms of the borrowing, as a way to protect Massachusetts taxpayers.
This follows another statement I made yesterday, in which I encouraged Governor Patrick to cut deeper into this year's state budget as a way to prepare the state for difficult financial times ahead, regardless of whether additional federal aid to state governments is forthcoming.
Please click on the following link to review the policy paper in its entirety: Polito Policy Paper.
And, of course, I'd love to hear what you think about it.
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