61: Limit Borrowing
This will fully end state borrowing and significant restrict borrowing by local governments. Just as we borrow money for a major purchase like a home or car, the government borrows money for major projects. This would require the full cost be saved in advance of any purchase.
The true purpose of this amendment is to drastically reduce the size and role of government in Colorado and to reduce future taxes. If you live in Colorado, this will directly reduce your quality of life.
This amendment is one of the Dr. Evil three put on the ballot by Doug Bruce. It's impact will be an immediate reduction in state income severe enough that it will drastically reduce virtually all state services.
First is the insanity of having taxpayers in a given year pay 100% of the cost of a new building that will last 30 years. It's unfair to taxpayers today and it will delay needed capital improvements until the required funds are saved up.
Second, tax receipts are not constant. School districts get most of theirs from property tax payments in the spring, so they would have to build up a fund equal to a years operating expenses - right now in the middle of a recession.
Basically the arguments for this boil down to "borrowing is bad."
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