Bondage in Oregon: You Pay for the Deception

This isn’t about deception in the “casual encounters” section of Craigslist personal ads. Rather, it’s about the true cost of state and local government bond sales — ultimately, your debt. Voters in a five-county area recently passed a much-touted $374 million Portland Community College bond measure. But, add in the interest and, as PCC spokesman Dana Haynes told me, taxpayers will pay $550 to $590 million — more than a half-billion dollars — over the bond’s 20-year life. That bigger-than-half-billion-dollar figure was not in pro-debt pre-election editorials, newspaper articles, commercials or political “educational” materials. Skip forward. Gov. Kulongoski proposes to increase taxes and fees and sell $600 million in economic-stimulus-elixir bonds. Yesterday I called the governor’s office to get the total cost of Kulongoski’s proposed debt. I’m waiting for an answer. However, it is reasonable to approximate that his $600 million bond sale would approach $1 billion in new debt. When you buy a home, the government requires that you be informed about the pay-off amount, which includes the interest. Oregon governments owe residents the same consideration. Write or call the governor’s office (503.378.3111 or 503.378.4582); ask for the true cost of Kulongoski’s debt. After all, you’ll foot the bill.