Vote No On Proposition One, The Environmental Bond Act
By Gerard Kassar
New York voters are being asked to authorize new state debt of $4.2 through the sale of bonds for certain capital projects relating to the environment. The Conservative Party opposes the passage of the Environmental Bond Act; previous environmental bond acts still have millions of dollars unspent.
The Conservative Party, since its founding in 1962, has worked to be a respected fiscal watchdog for New York’s taxpayers and all future New Yorkers who will suffer under the weight of expanding debt. Currently, New York’s debt obligations are in excess of $160 billion. That amounts to almost $8,500 dollars in state debt for every single adult and child in New York State. That is $34,000 in state debt alone for a family of four.
New Yorkers do not need another $4.2 billion in public debt, together with its resulting debt service, due to actions by the Federal Reserve, [which] will be issued at the highest interest rates New Yorkers have seen in decades.
The act and arguments in favor [of it] reference a number of projects that appear to warrant consideration. However, the Conservative Party maintains that a full review and application of all funds that remain from [previous] state actions should be used before an additional $4.2 billion [is] incurred.
Despite our concern with the Biden administration’s massive public works projects authorized over the past 12 months, billions in funds are likely to come to our state. These billions should be used prior to New York State raising capital revenue through the passage of said bond act.
We fear New York State’s reputation for unchecked spending will result in the possibility of the state legislature spending the entirety of the $4.2 billion on projects that should be paid [for] with existing authorized debt, new federal sources and pay-as-you-go where possible.
The Conservative Party urges a no vote on Ballot Proposition One.
Gerard Kassar is the chairman of the New York State Conservative Party.