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Vote Yes on Proposal 2
Proposal 2, the “Renew and Rebuild New York Transportation Bond Act of 2005,” will be on the ballot this Election Day, November 8 th. Proposal 2 is a “bond act,” meaning that its passage will allow the state to borrow $2.9 billion to maintain and improve its transportation network over the next five years. It’s a proposal worth supporting. If Proposal 2 passes, half of its funds would go for 130 projects for roads, bridges, inland ports and railroad systems outside of the New York City area. The other half would be used by the Metropolitan Transportation Authority for spending on the Greater New York City metropolitan area’s mass transit systems. In the Hudson and Mohawk Valleys area, some of the big-ticket items include:
And hundreds of millions more for improvements of the New York City transit system. (www.mta.info and www.dot.state.ny.us). In addition, passage of Proposal 2 will help the state secure $1.1 billion in federal highway aid. Given the benefits, Proposal 2 has garnered an impressive and politically diverse list of supporters. Governor Pataki, state Comptroller Hevesi, New York City Republican Mayor Bloomberg and his Democratic opponent Freddy Ferrar are all in support. Both the state’s Business Council and the AFL-CIO support it too. There are opponents of the measure. Opponents include the Citizens Budget Commission, the Manhattan Institute, the Automobile Club of New York and the Conservative Party. They argue that the additional debt is too much for the state. They point to the state’s $47.6 billion debt burden and argue that adding to that is irresponsible. And there can be no doubt that New York State has a high debt load. Among the 50 states, New York has consistently been ranked fourth or fifth for net tax-supported debt as a percentage of personal income, and only California has a worse credit rating. Yet in an era of skyrocketing fuel costs and an increasingly congested downstate region, the economic lifeblood of the state hinges on the ability of people to get to work. Mass transit systems survive on subsidies. Without additional state support, the state’s transportation system could be seriously weakened. Even now, problems with New York’s roadways hike driving costs. For example, according to the American Society of Civil Engineers, New York motorists spend $2.3 billion annually in car repairs as the result of driving on poor roads. There will be other benefits from a better transportation system as well. Investments in mass transit systems help the environment. The state’s transit systems keep lots of cars off the roads, ease congestion and as a result help reduce the amount of air pollution. Lastly, and not surprisingly, Proposal 2 will stimulate job growth. According to NYPIRG’s Straphangers Campaign (www.straphangers.org), every $1 invested in public transportation projects generate $6 in local economic activity, and every $1 billion invested in public transportation infrastructure creates 47,500 jobs. Like many decisions in life, this one comes with a risk. No one disputes that the state has accumulated high debt. However, the state’s economic future hinges, in a large part, on whether its transportation system is maintained. Mass transit helps people get to work and helps the environment. Well-maintained roadways are the lifeblood of American commerce. Proposal 2 provides a critical portion of the necessary funds to achieve those goals while spurring job growth. Proposal 2 is worth supporting. Vote yes on Proposal 2 this Election Day. That’s all for now. I’ll be keeping an eye on the Capitol and will talk to you again next week.
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