Letter: Coming our way: more government borrowing
Remember those Democrats whom we threw out of the Legislature in 2010? They’re back.
This is a Legislature that thinks borrowing money to balance the budget is a good thing. From 2007 through 2011, Gov.-elect Maggie Hassan and friends allowed the state’s debt to balloon from $654 million to $939 million. That $285 million debt increase in those four years exceeded the debt increase from 1987 to 2007. Now we all know that balancing the budget this way does not show up on the accounting books as a deficit in the general expenditure fund. Why? Because you borrowed the money instead of using the taxes collected, a policy for Hassan and the gang from 2008 to 2010. That, along with relabeling a few line items, and the budget looks like it was trimmed. In fact, those whom we re-elected produced a budget in 2010 that increased by 14.2 percent, according to Charlie Arlinghaus of the Josiah Bartlett Center for Public Policy.
Now those re-elected will wrestle with the prospects of borrowing more money for the purpose of increasing Medicaid eligibility. It will cost the state $85 million and the federal government $2.5 billion, money that neither entity has. So the Legislature will have to vote to approve to expand this government program by going deeper into debt on the state and federal level. Given their past history why would they not borrow the money?