More Bonds? No Way, Not Now.
We, the undersigned citizens and taxpayers of Maine, call on elected officials to reject new proposals that would add to Maine's existing $14,200,000,000 public debt. Our current debt totals more than $27,000 per Maine household. Enough is enough.
Some sources of Maine's current debt:
- $4,200,000,000 - Moral Obligation Bonds
- $3,995,000,000 - Unfunded Liability for the Maine State Retirement System
- $507,690,000 - General Obligation Bonds
- $183,040,000 - Transcap (debt to be paid by future state revenue)
- $75,550,000 - GARVEE (debt to be paid by future federal transportation funds)
- $35,260,000 - Capital Leases
- $14,530,000 - Bond Anticipation Notes
Adding to this public debt with additional bonds jeopardizes the economic security of future generations of Mainers. We cannot afford new bonds that will bury Maine people under an increasing mountain of debt.
At a time when Maine families and small businesses are struggling to stay afloat, "No More Debt" should be the principle of the Maine Legislature.