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Reducing the Debt... …is a difficult task in Massachusetts. So much of the State’s debt is tied up in Municipal Bonds, that interest we pay is the bane of our financial existence. Recently, the Turnpike Authority was consolidated, the bonds transferred to the Newly Created Bond Authority, leaving us not much better off. We still have the tolls and they should have been gone thirty years ago. My gripe is with the Authorities on all counts. They are created to do business in a more expeditious manner, which is supposed to save money. However, they often fall short of saving anything at all. Further, while the bonds seem to sell well, they represent a long-term debt that must be paid. Curbing the Authorities bond rights will cap this debt and avoid future tax increases. Regardless of how you start discussing debt, it must still be managed and paid.

Copyrighted 2010 by James J. Buba