Pa Debt Rises $1.75 Billion

Pa Debt Rises $1.75 BillionWith the kudos bestowed, appropriately, upon the state legislature for cutting the Redevelopment Assistance Capital Program debt ceiling from $4.05 billion to $3.45 billion,  taxpayer activist Bob Guzzardi note that the state increased the debt burden on Pennsylvania taxpayers  by $1,753,862,000 when SB 1002 became Act 69 on July 9.

Guzzardi points out that the bill passed the State Senate unanimously and the House 189 to 14.

None of the nays were a Democrat.

“They can’t help themselves and what does this tell you about who benefited?” Guzzardi says. “It tells me the Philadelphia Building Trades Unions benefited.”

Guzzardi praised Eli Evankovich (R-54) and  Ryan Mackenzie (R-134) for being among the nays. He expressed disappointment that John McGinnis (R-79) and Daryl Mtecalfe (R-12) were not.

“If the full authorization of $1,275,000,000 were sold at an interest rate of 3.25 percent, total estimated debt service would be $1,753,862,000 or $87,693,000 each year for 20 years,” Guzzardi says.

Pa Debt Rises $1.75 Billion

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