State senators want to borrow another $451 million without voter approval to, in the words of Sen. Richard Stevens, “build things.” State Treasurer Janet Cowell’s Debt Affordability Commission already concluded that new debt would push borrowing above legislatively imposed limits. The last time voters were asked their opinion about debt, in 2000, they approved a $3.1 billion bond package for university and community college facilities. Since 2003, the General Assembly has approved that much in “special indebtedness” without a vote of the people. Not all of this has been issued, but special indebtedness still makes up 40% of total state debt.
Who would come up with such a bad idea?
