Adding to bonding bill not a fiscally good idea
Senator Langseth wants to add another $1 billion of debt onto the backs of Minnesotans. Why is a $1 billion debt financed bonding bill bad? First, Langseth has justified the large size of this bill because of low interest rates. Unfortunately, the state of Minnesota is facing a deficit of $1.2 billion with the potential of $5 billion deficit in the next two years. Taking on this huge amount of debt at this time is like a family buying a vacation home with a mortgage, while making a car payment, a house mortgage payment, and paying off credit card debt. Fiscally, it is a bad idea.
Secondly, Langseth's mindset is the same as the Washington DC mindset; it's spending money you don't have. Our children and grandchildren are already facing a mountain of Chinese-financed debt and Langseth wants to add more. He states that Minnesota has one of the lowest debt levels compared to other states. Langseth should realize that a bond is a debt and it has to be paid back with interest from your hard-earned money. As you can see, it's easy for him to spend your money.
Thirdly, government does a very poor job at creating jobs. Remember, the Federal stimulus plan did not work. It is the private sector that creates jobs efficiently, not government. A job created by a bonding bill is short-lived and does not last. Plus, several of these projects, once built, must be maintained by your tax dollars.
So let's look at some of the projects Langseth calls critical: $39 million for Bike and Hiking trails; $2 million for Minneapolis Sculpture Garden; $4 million for Rochester Volleyball center; $2 million for Springbrook Nature Center; $15 million for St. Cloud Civic Center; $7 million for Potter Center for the Arts; $14 million for Mankato Civic Center; $7 million for Asian-Pacific Cultural Center; $10 million for Oliver Kelly Historic Farm; $17 million for Orchestra Hall; $28 Million for Rochester Civic Center and much more pork.
There is certainly room for a limited, small-scale bonding bill on important projects such as flood control and repair and maintenance of colleges and universities. But the more than $1 billion monstrosity is loaded with pork barrel projects. What Langseth is proposing is exactly the reason people believe it's time to clean the House and Senate this November. We can do better. -- Jackie McClernon, Wheaton