One of the most serious problems that will directly affect you is the astonishing level of debt that Maine has amassed in recent years. Very few citizens are aware that the state’s debt now totals about $14,000 for every Maine household. And it is getting worse. Like quicksand, our heavy debt load is pulling the state under and stunting economic growth.

It’s ironic that we have the highest tax burden in the country, yet we still have to go deep in debt to keep state government operating. That tells you that the problem is not that taxes are too low, but that spending is too high – way too high. We have built a state government so large and costly that we can no longer afford it.

The House and Senate Republicans recently held a joint meeting to discuss the state budget and the governor’s proposal to consolidate school administration. There, we learned that the scope of Maine’s “unfunded liabilities” has ballooned tremendously in the past few years.

The second largest unfunded liability is a debt owed to the Maine State Retirement System (MSRS), which pays pensions to retired teachers and state workers. This fund is $3 billion in the red. That’s $3,000,000,000, the amount required to make good on the pension benefits that have been promised.

This is not a new debt. It has been around since at least 1995, when a state constitutional amendment passed stipulating that this debt must be paid off by June 30, 2028. Originally, the state was on track to retire the debt by 2019, at a total cost, including interest, of about $5.5 billion. But during its first two years in office, the Baldacci administration switched to the longest allowable repayment schedule, stretching the debt out to the 2028 constitutional deadline.

The intent, of course, was to reduce the annual payment, similar to taking a 30-year mortgage on your house instead of a 15-year note. In the current two-year budget cycle, for example, the state is “saving” about $178 million by making smaller payments to the pension fund. Instead of paying in $540 million during 2006 and 2007, as the old plan called for, the state is paying in $362 million.

In extending the repayment schedule by 10 years, the Baldacci plan adds $2.4 billion to the total expense. Instead of costing taxpayers about $5.5 billion, it will now cost them $7.9 billion.

In a cash-strapped state like Maine, an additional $2.4 billion is serious money. Imagine the roads and bridges that could be fixed with that kind of money, or the tax reductions we could have. Instead, we will get nothing. As a special gift to the next generation, the payment schedule is “back-loaded.” The biggest payments come at the end. In fiscal 2028, it shoots up to $574 million.

If you think that’s bad, brace yourself. The unfunded liability in the Retiree Health Insurance Fund is even worse. This is the fund that pays for health insurance for retired teachers and state workers. Last year, with the governor up for reelection, municipal police officers and firefighters were added to the system. Apparently the majority party never asked why we would add even more people to a system that was already overwhelmed. Or maybe they didn’t care. After all, it’s your money at stake, not theirs.

For several years, state officials had said the unfunded liability in the insurance fund was “only” $1.2 billion. But the true size of this debt was recently revealed. We now know that it has surged over four years to $4.5 billion. Worse yet, that amount does not include the money already obligated for the new additions – professional firefighters and police officers. That’s another $50 million to $100 million. Given the speedy rise in health care costs, this unfunded liability will continue to spiral out of control. You and your children will be on the hook for the entire amount.

It’s no mystery how we got into this mess. Politicians love to shower benefits on people to win their votes. They count on the fact that most people don’t know about the debt and when it comes time to pay the bill, the politicians will be long gone from the scene in Augusta. Future taxpayers are left to “pick up the check.” After more than 30 years of one-party control of the Legislature, the people of Maine have been stuck in debt up to their eyeballs.

But future taxpayers have a way out. They can simply leave Maine for states that offer economic opportunity, and where residency doesn’t mean that you are responsible for huge amounts of debt run up by reckless politicians. Our Maine young people have already figured this out. That’s one of the reasons why we lead the country in the percentage of young people who are abandoning our state for greener, debt-free pastures.

State Rep. Rich Cebra is second-term legislator from Naples. Rep. Jeff Gifford is a first-term lawmaker from Lincoln.