“I don’t know how else to deal with the declining job market,” says Senate President Peter Courtney, D-Salem. “I have got to do what I can do to get jobs and get them now.”
We spend more money to put our state into more debt, to raise taxes to be paid by people who don’t have jobs, in order to “create” jobs making stuff like roads and bridges that lawmakers haven’t seen fit to spend money on in good times.
- All told, state government debt has climbed from less than $5 billion in 1998 to about $9.7 billion in 2008.
- ..the state also is borrowing to help cover pension costs for public employees and continues to repay money it borrowed in 2003 to balance the budget after the last recession.
- Loan repayments in the state’s general fund rose from $100 million in the 1997-99 budget to $220 million in the 2007-09 budget.
- The governor’s budget proposes another jump in debt payments for the 2009-11 budget, of 50 percent — to $330 million.