Let’s start with an understatement: Lawmakers aren’t usually known for their restraint when it comes to borrowing money.
At the federal level, it’s a systemic problem. Bringing home money to constituents is not only the hallmark of a successful congressman, it also often ensures re-election. Unless, of course, you are former Alaska Sen. Ted Stevens, in which case it leads to an indictment.
Maine lawmakers are not immune to this systemic disease, however. In fact, many of them haven’t met a bond package they didn’t like. Rarely, if ever, does a year go by that the state doesn’t borrow millions to invest in biomedical research, land purchases and infrastructure projects. In their defense, many of these are worthy investments, and in most years, voters approve the bond packages proposed by legislators.
But this year isn’t like most years.
Facing a steadily escalating unemployment rate and a sharp decline in consumer spending, the president and Congress are considering an enormous borrowing plan to inject money into the economy, creating jobs and cutting taxes to generate a little spending money. The price tag is a staggering $800 billion, and that’s in addition to the $750 billion Congress has already approved for bailing out failing banks.
Undaunted by the size of the federal borrowing packages, or perhaps inspired by it, some Maine lawmakers have decided to get in on the act. Legislators filed 32 requests for bonds by the Jan. 16 deadline.
Rep. Leila Percy (D-Phippsburg) wants $10 million to buy and protect hunting grounds. Rep. Pat Flood (R-Winthrop) wants $30 million for the Land for Maine’s Future Bond, and Sen. Seth Goodall (D-Richmond) would like to spend $15 million on improvements to state parks, just to name a few.
This is not the time to be borrowing money. The federal stimulus plan will have enough spending in it for all of us – roughly $2,700 per person.
Plenty of that money will be spent here in Maine. State officials have already begun compiling a list of local projects that could be recipients, including Biddeford High School, the Sanford police station and the Portland International Jetport. That doesn’t even count the $87 billion in the stimulus that will flow into state coffers in the form of increased Medicaid payments.
Meanwhile, Maine is facing a budget crisis of its own. Because of declining sales and corporate income revenues, the state has already cut $140 million in a supplemental budget for this year and is facing an additional $800 million gap in the biennial budget.
Considering the size of the state budget gap and size of the already astronomically high federal debt, Maine lawmakers should show some restraint. This country is already buried in borrowing.
Brendan Moran, editor
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