25 July 2014 0 Comments

Et Tu, Senators Wagner, Eichelberger and Folmer: $27 BBILLION New Debt Authorized in 3 Acts

 Et tu, Senators Wagner, Eichelberger and Folmer? Republican Senate UNANIMOUSLY voted YEA to authorizing $27,451,323,000 , (about $27 and ½ Bbillion dollars) in new borrowing. ? These three borrowing Acts are not good news for the taxpayer: they authorize $27,451,323,000 that is about $27 and ½ Bbillion dollars in new borrowing.  Debt is deferred Taxation. The Forgotten Taxpayer is disheartened and afraid.

Debt is deferred taxation. More debt means higher taxes in the future.

Tom Corbett signed into law three bills that increased Pennsylvania Debt by 27,451,323,000 , (about $27 and ½ Bbillion dollars)

Republican leadership in House and Senate, voting like Democrats, are complicit enablers in increasing authorization of the debt burden imposed on Pennsylvania taxpayers.

    $27,451,323,000 , (about $27 and ½ Bbillion dollars) in new borrowing

Act 127 of 2014 authorizes $6,515,565,000 Road and Bridge Debt

Act 129 of 2014 authorizes $19,154,285,000 Road and Bridge Debt

Act 128 of 2014 authorizes $1,781,373,000 Redevelopment Assistance Capital Budget.

House Republican Leadership, including Mike Turzai, and Senate Republican Leadership and EVERY SENATOR voted YEA to authorizing $27,451,323,000, (about $27 and ½ Bbillion dollars) in new borrowing. These three borrowing Acts are not good news for the taxpayer: they authorize $27,451,323,000 that is about $27 and ½ Bbillion dollars in new borrowing.  Debt is deferred Taxation. The Forgotten Taxpayer is disheartened and afraid. Republicans voted with Democrats to increase debt. How are we to believe the sound and fury of Mike Turzai when he, and Republican leadership, voted to authorize $27,451,323,000, (about $27 and ½ Bbillion dollars) in new borrowing?

 

  Who will take the lead?

“Debt payments from the General Fund Budget exceed $1 billion per year; nearly triple what it was 12 years ago.” Republicans voted with Democrats to increase debt. How are we to believe the sound and fury of Mike Turzai when he, and Republican leadership, voted to authorize $27,451,323,000, (about $27 and ½ Bbillion dollars) in new borrowing?  Commonwealth Foundation 23 July 2014 House Majority Leader Moves to Reduce Debt Burden  ??? This seems odd in light of Majority Leader Turzai’s led the Republican House to vote to authorize $27,451,323,000  new debt. Republican leadership is not leading in reducing Pennsylvania debt even though they are well aware of the problem. Why Not? Who are they afraid of?

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     Why is the General Assembly authorizing more debt as Pennsylvania’s municipal bond rating is lowered?

Moody’s Investors Services downgrades Pennsylvania’s bond rating

Downgrade Detrimental to Taxpayers JULY 22, 2014  Bob Dick and Nate Benefield

Increasing Debt on Millennials does not seem the way to influence voters to support you. Consider this. The Electorate is diverse and complicated but Millennials don’t want to be, and cannot be, dependent on parents forever. It is humiliating and debilitating not to have a productive job and not to be compensated for your efforts to contribute to society

How Republicans Can Win Millennial Voters   More Debt won’t persuade them.

 

       

        Liberty Index 2014 Three Debt Votes

 A YEA vote is a vote against economic LIBERTY and against The Forgotten Taxpayer.

Act 127 of 2014 HB 2244 “A Supplement to the act of December 8, 1982 known as the Highway-Railroad and Highway Bridge Capital Budget Act for 1982-1983, itemizing additional State and local bridge projects.“

Fiscal Note Act 127 of 2014 Senate Appropriations Committee: $6,515,565,000 Road and Bridge Debt Authorized

House vote Act 127 of 2014 2 July 200 YEA to authorize more debt 2 NAY and 1 LVE

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Act 129 of 2014 SB 1344 “ An Act providing for the highway capital budget project itemization for the fiscal year 2014-2015 to be financed from current revenue or by the incurring of debt “

 Fiscal Note Act 129 of 2014  House Committee on Appropriations: $19,154,285,000 Road and Bridge Debt Authorized

House vote Act 129 of 2014 2 July 202 YEA to authorize more debt 1 LVE

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Does this mean than money from the Gas and Fuel Tax, Act 89 of 2013 which, if I read the Fiscal Note from the House Committee on Appropriations taxes and spends $7,307,000,000 to $7,584,000,000 over five years. See page 9 chart of Fiscal NoteAct89 of 2013  of the House Committee on Appropriations

The money raised by Act 89 of 2013 gas and fuel tax can be used to borrow money and, in effect, leverage gas and fuel taxes to generate more spending and debt. Debt is deferred taxation so that, in effect, Act 89 of 2013 will cost even more than the Act 89 of 2013 would indicate. Do I understand this all correctly?

Further, given the $7.3 to $7.5 Bbillion raised by Act 89 of 2013 gas and fuel tax was to fix the crumbling roads and bridges falling down, why is Capital spending and capital borrowing needed?

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Separately:   Capital Budget RACP authorizing debt for Capital Projects

ONE BILLION, SEVEN HUNDRED EIGHTY ONE MILLION THREE HUNDRED AND SEVENTY THREE THOUSAND

If the full authorization of $1,295,000,000 was incurred and bonds were sold at an interest rate of 3,25% the total estimated debt service would be $1,781,373,000 or $89,069,000 each year for twenty years

Act 128 of 2014 HB 2355  Fiscal Note Act 128 of2014  Committee on Appropriations $1,781, 373,000,000 Debt Authorized

“Act providing for the capital budget for the fiscal year 2014-2015; itemizing redevelopment assistance capital projects to be constructed or acquired or assisted by the Department of Community and Economic Development, together with their estimated financial costs; authorizing the incurring of debt without the approval of the electors for the purpose of financing the projects to be constructed, acquired or assisted by the Department of Community and Economic Development; and making appropriations.”

House Vote Act 128 of 2014 2 July 2014  172 voted YEA to authorize more debt; 27 voted NAY to authorizing  and 2 were LVE

9 Democrats voted NAY 18 Republicans  voted NAY

For list of Capital Budget submissions and grants, see Governor’s Department of Budget Office Redeve Redevelopment Assistance Capital Budget

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