Wednesday, October 24, 2012

Credit Where it's Due

This isn't exactly what I would call major news, but it's a good thing for the taxpayers:
Ulster County Executive Mike Hein is pleased to announce that Standard & Poor’s has affirmed Ulster County’s AA- bond rating. According to Standard & Poor’s, the AA- bond rating reflects the County’s continued solid financial position, strong fund balances, low overall debt profile and a manageable capital plan.

“This is proof positive that the actions we are taking on behalf of the Ulster County Taxpayers are working. My administration has worked hard to maintain this extremely important bond rating while continuing to deliver essential services and protect taxpayers,” said County Executive Mike Hein.
Our "low overall debt profile" might surprise a lot of conservatives. They like to point to "wasteful spending" without ever identifying the policies they would like to change. Kind of like Paul Ryan's budget, which calls for a 20-percent, across-the-board tax cut -- and then magic faeries appear and balance the budget.

Given our low debt burden, isn't now the time for us to invest? I know there are plenty of bridges that need major repairs. And I'm sure there are tons of other projects that will improve the lives of Ulster County residents and help boost the local economy -- and we can finance all of this very cheaply, with interest rates as low as they are right now. Rates are very likely to climb in the coming years; we should strike while the iron is hot.

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