 |
Debt we can live with, Front-door borrowing for transportation Sep 21, 2005 Five years ago, New Yorkers defeated a transportation bond issue that would have paid for critical projects and footed the bill responsibly. It crashed and burned when official Albany failed to do enough to promote a "yes" vote. So it's good to see Republican Gov. George Pataki and legislative supporters of both parties getting the bandwagon rolling for a $2.9-billion transportation bond act that will be on the Nov. 8 ballot. New Yorkers can't afford another short-sighted defeat. The metro area can't be expected to grow without a safe and energy-efficient system of roads, bridges and public transit. Projects, such as East Side Access for the Long Island Railroad and a Second Avenue subway, will boost the region's economy. So will the estimated 120,000 construction jobs. Although supported by business, community and labor groups, as well as most of the state's political leaders, the bond act has some opponents. Their stated objections are rooted in a real problem – that the state is awash in debt. But much of the problem comes from two insidious practices: back-door borrowing (using authorities to issue debt without voter approval) and borrowing to pay day-to-day expenses. This year's bond act is front door all the way. Voters will have their say and the money goes toward building things with a long, useful life – what borrowing should be reserved for. Pataki, lawmakers, unions and other supporters should go all out to make sure New Yorkers get the message. Copyright 2005 Newsday Inc. _____________________________________________________________ |
|
