CONSERVATIVES SAY NO TO CREDIT LINE INCREASE

Transportation Bond Act increases debt

Ft. Hamilton Station, NY ~  Conservative Party State Chairman Michael R. Long reiterated the fact that Proposal #2, the Transportation Bond Act, is simply increasing the tax burden on New York taxpayers without fixing eminent problems.

“It is Governments’ responsibility to maintain roadways, bridges and public transportation,” said Mike Long, but it is also Governments’ responsibility to be honest to the public.”  “This proposal is asking for $2.9 billion in new spending, which only partially funds projects, which means they will be back for more,” said Long.  “If the Transportation Bond Act was dedicated to repairing and fully funding specific projects, we may have been more inclined to support this debt, however, when taxpayers are asked to bond $2.9 billion, which is really $4.6 billion (20 years at 5% interest) or $5.6 billion (20 years at 5%) and none of the serious issues are resolved, we are urging New Yorkers to defeat the proposal,” stated Long.

New York taxpayers are already burdened with almost $125 billion in outstanding debt ~ $3.7 billion in outstanding general obligation bonds and notes, an additional $37 billion was issued and is outstanding for state public authorities for a total state debt of $40.7 billion, according to the State Comptroller’s office.  In addition to the state-supported debt, according to the Comptroller’s office, public authorities had $83.7 billion in outstanding debt as of the end of last year.

Enough is enough!   When we are asked to increase our debt, knowing that we will have to increase it even more because the projects are only partially funded, we have to say NO.

“Roads, bridges and public transportation are important and must be maintained, but they must be maintained with the taxes and fees being collected by those who use them and if that is insufficient, then cut the fat in other areas,” Long concluded. 

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