Many times since 2009, Maine voters have gone to the polls and voted to approve bond investments. Throughout Maine’s history, responsible bonding has been used for worthy investments such as research and development, fixing our roads and bridges, and improving our schools. But many people do not realize that when voters approve bonds, it is up to the governor to issue them over a period of time.
Unfortunately, we have un-issued bonds dating back to 2009, and Gov. LePage is refusing to issue them.
This has many negative consequences for Maine and for York County. These voter-approved bonds contain $296 million in state and federal investments that would put people to work right away. There are investments in transportation infrastructure, including more than $100 million for construction work on our roads and bridges. Anyone who has driven on Maine’s roads understands the wear and tear they can cause on our cars. Repairing them helps our personal finances and creates jobs, which is important in a state with one of the highest construction-industry unemployment rates in New England.
The bonds also represent investments in wastewater treatment and in upgrades to our wastewater treatment facilities. There are investments in ports, community and dental health centers, and alternative energy sources that are cheaper than oil. All of these are crucial components to getting Maine’s economy moving.
These bonds also include money for higher education, and to invest in our community colleges. York County Community College in Wells is one of the institutions that would benefit. Community colleges in particular are important because they train workers for the jobs that businesses need filled. For example, many businesses, including large-scale employers like Pratt & Whitney in North Berwick, are looking for skilled manufacturers. I have put in legislation to create an integrated manufacturing program fund at the community colleges that will help address this challenge, but allowing the bond investments to go through will only add value to our efforts.
The governor claims he is being fiscally responsible by refusing to issue the bonds. I disagree. Maine has been responsible with its bonding, spending less than 5 percent of its budget on interest payments. Even the bond rating agencies have praised our bond-borrowing history. Our bond ratings are high, and interest rates on borrowing are low.
Some of these investments bring in money from outside the state, at times including a 5-1 federal match. When you factor in the cost of so many Mainers being out of work, both in terms of lost tax revenue and unemployment compensation, I believe it is fiscally irresponsible not to make these investments and jumpstart Maine’s economy.
It is a shame that so much of the conversation around this topic has descended into partisan bickering. It should not be partisan to invest in jobs. It should not be partisan to invest in education.
So let’s change course. The governor should issue the bonds, and we should all talk publicly about taking advantage of the opportunities that exist here in Maine. By taking positive steps and investing in our economy, we will put Mainers to work and set ourselves on a better course.
— Sen. John Tuttle, D-Sanford, represents Senate District 3 ”“ Alfred, Limington, Lyman, Sanford and Waterboro. His column will appear on the third Monday of each month.
Comments are not available on this story.
Send questions/comments to the editors.
