I am a trustee, a director, of a group of mutual funds that invests billions of dollars in bonds issued by state and local governments. I just spent a long and difficult day in a meeting in which we reviewed those investments and the finances of the states and cities that have issued those bonds. Times are tough all over America. Everyone is looking for VFM — value for the money.
The Maine Sunday Telegram fired a shot across the bow of Maine’s gubernatorial candidates yesterday, and voters should pay close attention to how those of us who want to be governor respond. The editors want to know how we propose “to change the size and scope of state government to adequately meet [Maine's] needs.” That’s a hard question, but it’s the right question.
First, we need to create thousands of new jobs and restore growth and incomes by literally rebuilding the foundations of our economy. We need to get Mainers working again.
At the same time, we have to resolve an enormous structural budget deficit by reducing state spending by hundreds of millions of dollars. We will need to make far-reaching changes in the way we govern ourselves and deliver public services in Maine so that Maine works right again.
We’re not alone. Most states are facing the same kinds of challenges, some with deficits that are even proportionally bigger than ours. But no other state has the same tradition of solving difficult problems with grit and ingenuity that we have. No other state has Maine’s unique civic culture that leads us to compromise and solution far more often than to loggerheads and division. No other state has Dirigo (I lead) as its motto.
Dirigo needs to mean something in Maine again. Once it does, we can put Mainers back to work, make Maine work right again and show America how to fix government.
The editors are right. This campaign will be a leadership test, as it should be.