Some Maine lawmakers, however, are misguided in trying to derail bonding

In upcoming days, the Legislature will most likely vote on whether to offer voters a bond package to consider this June. While historically this would be rather unremarkable, in the current political climate it is significant.

All of the information before us from the major bond rating agencies points to the fact that Maine has high ratings for our excellent ability to manage our low levels of debt. But we have also learned, after several years of Democrats and Republicans failing to find agreement on bonds, we could hurt our fiscal foundation if we don’t bond for key investments now.

While most of my colleagues in the Legislature understand the importance of investing in Maine’s economy through bonds – whether research and development, higher education, transportation infrastructure or water supply – some have begun to stymie the process. A small minority of legislators are seeking to limit any investment beyond road and public water supply improvements, saying they do not belong in a bond discussion.

This is, in my opinion, a shortsighted approach at best. It is useful – and I would argue quite important – to have quality roads and bridges, but they are useless if they don’t lead to vibrant points in our economy. The insistence by a handful of legislators that transportation bonds be the top priority, while everything else takes a back seat, leaves significant portions of our economy unsupported.

Fortunately, not all of our colleagues agree with this handful. Many moderate voices, both Democrats and Republicans, have proposed bills that call for bonding. Sen. Karl Turner, R-Cumberland, has put forth several proposals totaling more than $90 million to invest bond revenue in marine research, wharf reconstruction, biotechnology, and other research and development opportunities. Rep. Patrick Flood, R-Winthrop, who serves on the Appropriations Committee, has proposed $40 million for the popular Land for Maine’s Future program, in addition to several smaller bonds to support infrastructure improvements to wastewater treatment facilities and public water supplies.

Many Democratic legislators have proposed bond bills, too. For example, Sen. Peggy Rotundo, D-Lewiston, proposed a $25 million bond issue to support business development in riverfront communities, and Rep. Hannah Pingree, D-North Haven, has proposed a $20 million bond to protect Maine’s working waterfronts.

These are all important investments that support our economic engine, and help to build a prosperous future and improve our quality of life. They help to advance innovation and growth, while also creating more opportunities for jobs. Our economy is a composite, made up of many different sectors that need support to continue to grow – and ignoring the vast majority of them to focus only on one is something we do at our peril.

The fact is that Maine ranks 33rd nationally in debt per capita, and our debt levels are below the national median. Our debt per capita is one-third of the national average, while we continue to pay down our debt at a rate among the fastest in the nation. We have the capacity to bond, and now is the right time to invest.

I hope that as we legislators work together to move Maine forward by recommending targeted investments in our economy, that we won’t let those with a political agenda stand in the way of progress.

I am impressed with the many proposals for bonding that have been put forward. There are many good ideas from both sides of the aisle, and I look forward to the opportunity to support a comprehensive bond package that continues to move toward a goal we all support: building Maine’s social and economic prosperity.

Rep. Terry Hayes, D-Buckfield, is serving her first term in the Maine House of Representatives. She is a member of the State and Local Government Committee. She can be reached at 336-2028, e-mail [email protected].