Big Dig's red ink engulfs state

Boston Globe ^ | July 17, 2008 | Sean P. Murphy

[Daffynition]

Massachusetts residents got a shock when state officials, at the peak of construction on the Big Dig project, disclosed that the price tag had ballooned to nearly $15 billion. But that, it turns out, was just the beginning.

Now, three years after the official dedication of the Central Artery/Third Harbor Tunnel, the state is reeling under a legacy of debt left by the massive project. In all, the project will cost an additional $7 billion in interest, bringing the total to a staggering $22 billion, according to a Globe review of hundreds of pages of state documents. It will not be paid off until 2038.

Contrary to the popular belief that this was a project heavily subsidized by the federal government, 73 percent of construction costs were paid by Massachusetts drivers and taxpayers. To meet that obligation, the state's annual payments will be nearly as much over the next several years, $600 million or more, as they were in the heaviest construction period.

Big Dig payments have already sucked maintenance and repair money away from deteriorating roads and bridges across the state, forcing the state to float more highway bonds and to go even deeper into the hole.

Among other signs of financial trouble: The state is paying almost 80 percent of its highway workers with borrowed money; the crushing costs of debt have pushed the Massachusetts Turnpike Authority, which manages the Big Dig, to the brink of insolvency; and Massachusetts spends a higher percentage of its highway budget on debt than any other state.

The scope of the debt has not previously been calculated, much less publicly disclosed, by the state's political leaders, including Governor Deval Patrick and his senior transportation officials. The Globe confirmed its calculations in interviews with the state's financial analysts. [snip] ...

[Daffynition]

Staggering.

[RexBeach]

If you like incompetence, you’ll love Massachusetts.

That should be the new state motto.

I wonder how one writes that in Latin?

[libs_kma]

Maybe if MA keeps voting for Kennedy and Kerry they will get this all fixed.

[Dutchboy88]

Unbelievable that a state which seems so against the victory in Iraq because of the price tag, can turn and blow so much money on a project that benefits so few.

[Bloody Sam Roberts]

I wonder how one writes that in Latin?

Novos Ordo Seclorum

[Daffynition]

Si vos amo incompetence , vos mos diligo Massachusetts.

Good idea for a motto.

[Daffynition]

Where is my “irony” tag?

[CDHart]

I like your translation better.

Carolyn

[goldstategop]

The liberal Boston Globe should be sued for journalistic malpractice for hiding the truth for years from Massachusettans.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[Diogenesis]

Romney: “Make all the promises you have to...”
and bank the donations from the builders of the BIGdig to my Presidential account.

[Daffynition]

Romney inherited a bulk of this mess ... there’s so much blame to go around that it would fill an ocean.

[Gatún(CraigIsaMangoTreeLawyer)]

Is “incompetence” the PC word for thievery?

[HiramQuick]

‘E Pluribus e Pathetique” or simply MORONS

[gjones77]

That’s disingenuous, the program was started under Dukakis back in the 80’s.

Every governor since has had to find ways to fix the corrupt state highway system, and especially Massport.

Romney did all he could to try and fix the system, hell, he got rid of fat Matt Amorello.

[Diogenesis]

Romney abdicated to the "Big Dig".
Romney was such a major-loser-disappointment that even when the Democrats allowed
him to take over the Big Dig after the roof fell down
in the tunnel killing a woman, what did the pandering wussy RINO do?
Romney actually let the perp continue in Office
for weeks AND let the perp thereafter award himself further pensions
and let the perp rewards and shower gifts on his cronies.
The donations from the contractors went to Romney instead of there being accountability.

[kidd]

73% paid by the state of Massachussettts

That leaves 27% paid by federal funds

27% x $22 billion = $5.94 billion

$5.94 billion / 300 million US citizens = $19.80

$20 from every man, woman and child in this country, most of whom will never use the tunnels in Boston.

[Diogenesis]

Romney allowed billions of dollars fraud to continue
so that HE could get donations.

Let’s let him do that for America. [/s]

[Grandsons of Liberty]

I remember in my early youth hearing Ronald Reagan condemning this project and thinking to myself why he would do that...Boy could we use that man again!

[Diogenesis]

Those that use the BIGdig do not pay for it.

‘Cleverly’, only the stupid people west of Boston
(who do not use it) must pay for it, as the tolls
to Boston rises each half year.

Hear the bell? It tolls for you America.

[Brilliant]

Yeah, but think of all the money Massachusetts workers got paid for doing that work. They must be RICH now!