Originally Posted by amick218
You don't think Obama walked into things already in process? You guys don't care though it's his fault now. So I say back, he left the state with the highest per capita debt, and that is fact.
I guess the issue I have with this statement is that it is illegal for states to actually run (budgets) deficits. By law all states must have a balanced budget. The key thing, just like an individual, can the debt load/servicing be supported, which is a function of revenue collection (taxes) to debt. This is evidenced in the credit rating of Mass during his tenure which was Aa2 (very high credit worthy). So yes the debt was higher, but manageable. The fact is, debt (leverage) is a bad thing. It seems to be to often used as a way to buy votes.
The debt accumulated under Romney often didn’t come from policies he pursued
Many of the infrastructure projects contributing to Massachusetts’ high debt per capita ranking were initiated under prior governors and legislatures.
A good example of this is the "Big Dig" -- the massive, and often controversial, project to transform the highways and tunnels of downtown Boston. It was initially conceived in the 1970s
, with construction beginning in 1991 and continuing into Romney’s term as governor. In 2008, the Boston Globe estimated
that the project will end up costing $22 billion and will not be paid off until 2038. It’s been called
"the largest, most complex, and most technically challenging highway project in American history."
The impact of the Big Dig on the state’s per capita debt totals was significant. According to a 2007 report
from the Massachusetts state comptroller, the Big Dig is directly responsible for $4.2 billion in state debt and funding from sources other than the federal government or user fees.