LTE – Terry Nichols – 6-30-2021
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Letter to the editor – Borrowing is nothing more than long-term taxation.
Being a retired senior living on a fixed income, I cannot help but think that the system, no matter what it is whether it is federal, state, county, township, or municipality governments want everyone in debt. A good example is the Technical College System of Wisconsin. You have 16 tech districts in Wisconsin and these 16 tech district boards are appointed, not elected, due to antiquated funding statutes dating back to before the Vietnam War was over with. These Tech district boards can borrow millions every year with the property taxpayers in their districts getting the tab. Chippewa Valley Tech had a passed referendum in 2020 for 48.8 million dollars. CVTC’s May board meeting had an agenda item to borrow 9.1 million dollars. This is separate from the 48.8 million dollars. The payback on the 48.8 million is twenty years folks so I will not be around, but my children and grandchildren will be most likely. Dunn County Board of Supervisors approved almost 7 million dollars in the County board of supervisors meeting on Wednesday. The Finance officers have logical explanations for this borrowing whether it is to save money on past loans by refinancing at a lower interest rate. Counties across the state are implementing wheel taxes along with sales taxes that have been in place for years.
I have been trying to find out what is the total debt by all 16 tech districts in this state as well as the debt by the school districts in this state with the tidal wave of school district referenda these past years. In an effort of accountability and transparency at the state level, I contacted the Legislative Fiscal Bureau, the nonpartisan watchdog used by our elected officials and others for budget information. I have tried for 18 years to find out the millions that the Tech College System borrows ever year and the LFB (Legislative fiscal bureau) does not have that information believe it or not. So much for accountability and transparency at the state level. The lack of stewardship that is on display is overwhelming at the state level. There are many of us that remember the FOXCON deal, right? Boy has that been watered down over the years. Borrowing no matter what the reason is still long-term taxation in my book with the cost of money in place for the last years at a low cost, at what point does using the sentence “now is a good time to borrow” end? I believe the Feds are having a meeting soon I guess we will see. Hopefully, they don’t use COVID-19 as an excuse. Oh, and who is going to pay back all those trillions?
Terry Nichols
Town of Colfax, Dunn County