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Is Huston really comparing consumer credit card debt to the State’s ability to borrow (perhaps issue bonds) for these long-term infrastructure projects?
Huston is correct – any time you choose not to pay in full for anything, and opt for debt to finance a purchase, you are creating an obligation against future income/revenues. Wise and thoughtful use of debt is fine, but these days too many people, governments, non-profits, and even some private sector businesses use the Mad Magazine’s Alfred E. Neuman mindset – “What? Me worry?” – and create future obligations that are irresponsibly unmanageable/unsustainable. I guess they figure as long as their not still in the chair when the bill comes due… Worse yet is when long term obligations are created for what are short lived benefits. Nice to see the State of Indiana use some fiscal caution in this case.