With borrowing costs at historic lows, it makes little sense to delay new investments.

On Oct. 19, the Maine Better Transportation Association announced that Carol Kelley had won the organization’s 2011 “Worst Road in Maine” competition for her submission of Route 141 near Swanville and Belfast. Her son Michael’s shouts of pain from a rod in his spinal cord when riding to school prompted Ms. Kelley’s entry. The $250 prize will help defray the $1,100 the family spent on special springs for their van to ease Michael’s pain.

“The Kelley family’s story is a powerful one and a reminder of just how much bad roads affect the lives of many Mainers,” said MBTA President Ronald Mace.

Fixing Maine’s crumbling infrastructure is just one of the compelling arguments for the passage of a robust bond package in 2012.

Maine also has a huge jobs deficit. More than 100,000 Mainers are unemployed or under-employed. A responsible bond package in 2012 for infrastructure, research and development and other key investments could create jobs now and pave the way for future economic growth and shared prosperity.

In the short term, bonds create construction and related jobs, with workers spending much of their earnings at local businesses. In the long term, bonds create permanent jobs for those who work in the new facilities and businesses the bonds generate and provide infrastructure for entrepreneurs to start and grow their work force.

Economist Mark Zandi of Moody’s Analytics estimates that every dollar spent on infrastructure generates $1.44 of economic output. Other analyses suggest that every $1 million Maine invests in infrastructure improvements creates 15.3 jobs. Infrastructure investments also improve work force competitiveness and incomes by expanding opportunities and reducing business costs.

Targeted and timely investment works because it has a ripple effect throughout the economy. Working families will spend much of their new earnings at local businesses, increasing demand — the best stimulus to private-sector hiring.

For generations, Mainers have supported critical investments in transportation, communication, education and other infrastructure, as well as in research and development, conservation, small businesses and public facilities. We all benefit from these investments. Reversing course as we struggle to recover from the recession would jeopardize future prosperity. With borrowing costs at near historic lows, it makes little sense to delay new investments.

Maine’s balance sheet has suffered as a result of one of the worst economic downturns since the Great Depression. Still, our capacity to issue bonds remains strong.

Maine’s tax-supported debt per capita is $865, significantly less than the national median of $1,066. Further, Maine’s tax-supported debt as a percentage of personal income is 2.4 percent, again lower than the national median of 2.8 percent.

Maine also has a solid record of prudent debt management. The state retires its debt in 10 years, much earlier than most other states. Maine only uses its general-obligation bonds to fund infrastructure improvements, not to cover operating costs.

Finally, the state’s use of available cash to fund approximately half of its annual capital expenditures enhances Maine’s capacity to issue bonds.

As recently as the past spring, nationally prominent Moody’s Investment Service noted that “Maine continues its conservative approach to debt, with an aggressive payout structure and capacity to accommodate unforeseen borrowing needs.”

Legislators have already submitted bond proposals that could position Maine for quicker economic recovery and ultimately stronger long-term job creation.

LD 225 funds $50 million for much-needed research and development efforts across a variety of critical industry sectors. LD 829 invests $100 million in transportation, broadband, downtown revitalization, green infrastructure and higher education. It ties investments to projects in labor markets with an unemployment rate higher than the statewide average — where jobs are needed most.

The case for bonds now is compelling. Maine has a proven record of responsible debt management and significant bonding capacity. The Legislature and governor must act to prevent further decay of Maine’s roads, bridges and other infrastructure; invest to enhance quality of life and improve Maine’s competitiveness; seize the opportunity of near historically low borrowing costs; and put Maine people back to work.

And maybe soon, we will have fewer candidates for Maine’s worst road.

Dan Coyne is legislative director at the Maine Center for Economic Policy.