Tag: Debt

Who could be against “smart schools”? The unsurprising answer: not nearly enough New Yorkers to defeat Proposal 3 on yesterday’s statewide ballot, which authorizes $2 billion in state borrowing to finance local school district purchases of computers and other classroom technology; expand schools’ high-speed and wireless Internet capacity; install “high-tech security features”; and build new classrooms for pre-kindergarten programs. Read More

E.J. McMahon, president of the fiscally conservative Empire Center for Public Policy and a Manhattan Institute senior fellow, and others also rightly question whether long-term bonds are appropriate for such upgrades, considering the rapid change of technology. Moreover, while the money would allow for districts to construct and/or make additions to pre-K facilities, it doesn't, of course, provide the ongoing operating costs to staff such noble initiatives. Read More

Critics said the bond act would incur debt for years after the equipment becomes obsolete and new equipment needs to be purchased. "New York should think hard before supporting this costly and wasteful proposal," said E.J. McMahon of the Empire Center for Public Policy, a conservative think tank. Read More

What the bond’s potential interest costs might be are difficult to predict, though one fiscal watchdog, E.J. McMahon, president of the Empire Center for Public Policy, estimated the true cost of the $2 billion bond will be at least $500 million in interest. “It is one of the most poorly conceived and wasteful bond acts in New York State history,” McMahon said. Read More

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The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.