Thursday, July 17, 2008

Mass Moment.

The Big Dig latest score –
Original Quote - $3 Billion
Today’s Quote – $22 Billion

And we will be paying this off until 2038. . . .

From the Globe:

Contrary to the popular belief that this was a project heavily subsidized by the federal government, 73 percent of construction costs were paid by Massachusetts drivers and taxpayers. To meet that obligation, the state's annual payments will be nearly as much over the next several years, $600 million or more, as they were in the heaviest construction period.
Big Dig payments have already sucked maintenance and repair money away from deteriorating roads and bridges across the state, forcing the state to float more highway bonds and to go even deeper into the hole.
Among other signs of financial trouble: The state is paying almost 80 percent of its highway workers with borrowed money; the crushing costs of debt have pushed the Massachusetts Turnpike Authority, which manages the Big Dig, to the brink of insolvency; and Massachusetts spends a higher percentage of its highway budget on debt than any other state.

And you wonder why we are one of the most in debt state in the land. And they want more money from us on credit. . . We never learn. . . Time to vote the hacks out and start over with new folks in office.

And how do they want to fix this? Borrow more money. They don’t want to raise taxes and they don’t want to make the cuts they need to get this under control. I can’t wait till I can get out of this state cause it is on a one way track going no where.

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