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GARVEE bonds

McDonnell's "Little Shop of Nonsense"

by: Elaine in Roanoke

Thu Jul 14, 2011 at 10:16:18 AM EDT

Let me get this straight. Bob McDonnell, a.k.a. Gov. Borrow and Spend, has come out in support of the proposal in the U.S. House of Representatives to severely cut federal funding for transportation, which would result in a 30% cut for Virginia. Remember, this is the same guy who devised  a "transportation plan" that is basically a plan to borrow against the future for road building right now.

I'm not saying that this isn't a good time to commit to infrastructure building, but McDonnell's scheme for transportation included issuing $1.1 billion in GARVEE bonds. GARVEE bonds essentially borrow against future federal transportation funds. So, I really cannot figure any logic in committing future federal money to cover bonded debt and at the same time advocating the very same federal money be drastically cut.

I've known for some time that the current crop of tea-party-poisoned Republicans can't govern themselves, much less a nation, as evidenced by the ongoing circus that is the debt ceiling negotiation. Now I wonder if there is any Republican who can even add and subtract. What McDonnell has signed onto with the House proposal is the equivalent of my taking out a mortgage on a very expensive house and then lobbying my boss to please cut my paycheck 30%. It makes no sense.

McDonnell makes even less sense with his comment that, "Republicans and Democrats have overspent, have overpromised. Now the bills are due. We've got record deficits now where there is no end in sight to the deficit spending." Exactly what does he think committing $3 billion for transportation spending derived from issuing bonded debt that will be paid back in the future, plus interest, is if it's not "deficit spending"?

And, let's not forget that McDonnell and the General Assembly "balanced" their budget by shortchanging the Virginia Retirement System three-quarters of a billion dollars, spending the money now while leaving the debt for a future governor to contend with. Is that not "deficit spending"? I rest my case. MvcDonnell evidently believes in the economics of double-talk and nonsense.  

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