Quadruple E Bonds

Senator Lawrence Bliss (D-SP & CE) emailed a description of the upcoming bond referenda. [Yeah, spellcheck prefers referendums, but that just doesn't seem right to me.] The two-year bond package will total $150 million, about 10% of which will be used for energy upgrades at the state universities, community colleges, and MMA. Almost half of it will go to transportation, and the rest is apportioned to transportation and three of the Es: energy, economy, and environment. The fourth E (education) isn't in this (except for post-secondary energy projects) but neither was it slashed very deeply following the federal stimulus payments. I wish the bonds included an infusion of money for renovations, upgrades, and maybe even construction of existing K-12 schools, but summer has me feeling grateful for what we have rather than grumpy about what we don't.

Senator Bliss points out that the state allows no more than 5% of the total budget to go to debt payment. Under that rule, Maine could increase its debt by a maximum of $500 million; the $150 million proposed is well below that. He further points out -- well, here let me just quote him:

In 2008, according to Moody's Investor Services, Maine ranked 35th lowest in the nation with respect to net tax supported debt per capita, and 36th lowest in the nation with respect to debt as a percent of income. Maine's tax- supported debt burden per capita is $618. The national median is $889.

Reasonable folks may reasonably disagree about what this means. I have no doubt that some of my friends will say that Maine, as a hinterland state, should be 45th or higher in per capita debt. Poor states need to attract wealth but cutting the cost of living and working in them, they'd argue. Other friends have told me that we'll lose a race to the bottom, but that we'll be all the poorer for having raced at all. Cold, poor, cheap, and degraded. None of my friends has a monopoly on wisdom, but in this case I'll side with those who support the bonds. We'll never grow the economy without decent transportation and energy infrastructure, and without a sound economy, we'll never afford to protect the environment, fund education, maintain our public safety and criminal justice systems, and promote our own health and welfare. I hope you'll join me in voting yes on these bonds.