Derek Viger from blog Augusta Insider recently asked for Eliot to comment on the $99.2 million “jobs bond package” proposed by Maine’s Democratic leaders. Below is Eliot’s response:
Borrowed money isn’t free.
We need to pay it back, and we need to pay interest on the debt. That is why I believe that every cent we invest in roads, rail, and other infrastructure projects – whether from tax revenues, from Federal funds or from the proceeds of bond issues — should reflect decisions made in the context of a capital budget that sets priorities and that seeks to leverage Maine’s competitive advantages. That is the way to maximize job creation and economic development. And that is the kind of disciplined stewardship of their tax dollars that Maine people need and want.
Sen. [Libby] Mitchell and the Democrats haven’t told us very much about the projects that they want to fund with this bond issue. I know as well as anyone that many of Maine’s roads and bridges need repair, and the threatened loss of rail service in northern Maine is a grave concern for all of us. Yet, many Maine cities and towns have projects in mind that they would nominate for consideration in a special bond issue, but I suspect that they have not be included in this process. That’s the problem, and that’s a real issue.
There may well be elements of this proposal that deserve support, but I would want to be assured that they have been carefully considered in terms of priorities and impact. I don’t see any rational, disciplined process behind this proposal. Frankly, I wish that the Democratic leaders would also put a real effort into making Maine a more affordable and inviting place to do business. That would really create lasting jobs.
I also want to be assured that this new proposal is fully aligned with the bond package approved by the Legislature last June, the first installment of which was approved by the voters in November, and not simply added on top of that package for short-term political gain.
You can read the complete article here with Eliot’s comments highlighted in yellow.
Tags: Bond Package, Bonds, Budget, Railroad, Transportation