Wellesley, Mass., the town I live in, sent residents this message earlier today:
In April 2014, the Wellesley Annual Town Meeting approved … the acquisition of property at 494 Washington Street… A few citizens, determined to derail the acquisition, obtained sufficient signatures to put a referendum on the ballot requiring voters to confirm the Town Meeting vote.
A YES vote on Question 1 … confirms the action taken by Town Meeting…
There is NO tax increase associated with this vote; the acquisition will be financed using short‐term debt under the levy.
Sentences like that last one are enough to make an economist’s head explode. Why? Because more debt‐financed expenditure now means higher taxes later. It’s that simple.