Stan Geiger

More Debt for Oklahomans

Reports say the state government is set to issue another $475 million in debt. Of the total, $300 million is for roads and bridges, $100 million is for endowed chairs and professorships at state universities, and $75 million is for various scrap projects.

This is total BS.

Rich folks love government debt. I just imagine that's a big reason why every government entity from school districts to Uncle Sam are up to their butts in it.

Banksters take their cut off the top. They put the deal together and gather their administrative fees. After that, whomever is holding the bonds collects the taxpayer-provided interest.

Oklahoma's rich folks are getting exactly what they want from the lackeys running the show. Their income taxes have been cut, and the move is on to continue making cuts. Meanwhile, $475 million in new public debt will soon hit the streets.

Now, it is true we need to spend money on roads and bridges. But this $300 million is nothing in comparison to what needs to be spent. Engineers say the state needs $9 billion dollars for bridges alone, roads aside. (Understand, that's not the figure for all bad bridges in the state; that's just what is needed for the bridges for which the state government has responsibility.)

This debt issue is all about politics. I calculate the $300 million for roads and bridges will provide about $2 million per legislative district, on average. Knowing how politicians work, I'm sure that's how the money will be doled out: One minor project or two per district to placate the locals and give the politicians something to tout in search of voter support come election time.

The $100 million for universities is nonsense as well. The Sooner Survey just showed only 4 percent of Oklahomans think more money for universities should be a state priority. And that 4 percent of respondents was likely comprised of university employees. Yet in a year when there was no new money to give to universities, the politicians found a way. They pulled out the credit card.

As far as the handful of other projects go, if they are needs pressing enough to warrant borrowing $75 million to pursue, then lawmakers should have taken from things less pressing and appropriated the money from general funds. We're talking $75 million out of $7 billion.

Oh well, I suppose it's too much to ask that the State Legislature and governor get through one stinkin' year without doing something stupid.

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