Bonds on the Ballot

Bloomberg is reporting that American voters will be asked to approve a record $80 billion in bonds next Tuesday to fund an array of state and local spending projects. The previous record was $47 billion in proposed debt in 2002.

As I argued in an op-ed yesterday, state and local revenues have been rising rapidly, so voters should be very suspicious about loading even more debt onto the next generation of taxpayers. For background on state debt see here, and here.