Let’s Talk about Debt……
He is at it again. In his most recent distortion video, lil Amos attempts to equate Mr. Lepine’s statement that “debt finances infrastructure” is to that famous movie quote from Wall Street – “greed is good”. If anyone can explain the analogy to me, please do – because I don’t get it.
But since he brings up the subject of debt, let’s talk about it for a minute.
First, he always refers to the “$211 million” in debt as if the Parish actually borrowed $211 million. That is simply not true. At the time his father took office, the principal amount of the debt was about $120 million or so. The balance was interest that would be paid over the next 10, 20 or 30 years – or whatever that number is.
Second, of the $120 million of debt, roughly $25 million was for the courthouse and $60 million was for coastal restoration (but primarily used for levees). Mr. Lepine, along with the rest of the council (including Mr. Turner) voted for both bonds. The balance of the debt came from prior councils.
Third, Mr. Cormier claims that proceeds of this debt were wasted money. Below are some pictures of the infrastructure that was built with that “wasted” money.
Basically, without the proceeds of those bond issuances, we would not have a courthouse nor would we have levees on the east bank from the St. Bernard line to White Ditch. Prior debt-financed things like pump stations and sewer improvements.
Finally – Think about this – how many of you borrowed money to buy your home? Was that wasted money? Was that a poor decision? I think most would say it is not.
Please vote in this all too important election. Please Vote for Anybody But Amos. The future of Plaquemines depends on it.