Letter: Will we increase state debt to improve education funding?
This is a letter to the students of schools affected by Red for Ed. I’d like to suggest a vocabulary word for you; Austerity. Austerity is a verb to describe government financial restraint and accountability.
Your teachers say they need more money to educate you, and they may be correct, I don’t know. I do know that the state government doesn’t have the money educators are demanding.
If the budget increases are approved the state has two ways to fund them; tax increases, which don’t happen overnight, or by incurring more debt, which does happen overnight.
I’m betting they’ll use debt. The fact is, our state is already $16 billion in debt. Debt is the most expensive way to finance spending.
That debt will be paid back with interest, by future taxpayers, and that my friends, is you.