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June 08, 2012 06:36 PM UTC

Stapleton Plays Politics With State's Good Credit?

  • 15 Comments
  • by: Colorado Pols

Reading media watchdog blogger Jason Salzman’s report on a talk radio interview with Treasurer Walker Stapleton this week, in which Stapleton expresses his hope that the FASTER registration fees for road and bridge repair would be ruled unconstitutional in court, we remembered a story from the Denver paper’s Tim Hoover from December of 2010. And we realized there’s a more fundamental angle here worth calling out.

In Hoover’s December 2010 story, it’s explained that Republicans were unlikely to pursue a legislative repeal of the FASTER fee hikes, both out of sheer necessity for the fees, but more immediately because hundreds of millions of dollars in state-issued bonds backed by these fees would lose their repayment mechanism–forcing the state to make up the money elsewhere.

Needless to say, this makes the statements of Treasurer Stapleton seem quite irresponsible, since the state’s chief financial officer should probably, make that definitely, never support anything that could hurt the state’s bond rating: as Rep. Glenn Vaad of the House Transportation Committee warned could be a consequence of repealing FASTER.

This isn’t idle partisan criticism, folks. Much like Congress pushing the nation’s credit rating toward downgrade during last year’s debt-ceiling impasse, the statements of elected public officials in a position of fiduciary responsibility mean things. Bond traders hear that a state treasurer hopes his state loses the repayment mechanism for hundreds of millions of dollars in bonds. If you were a bond trader, would that make these bonds more attractive to you?

If anything, shouldn’t a treasurer be held to a higher standard than some half-cocked legislator?

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15 thoughts on “Stapleton Plays Politics With State’s Good Credit?”

  1. As Treasurer, Stapleton’s job is to not speak up when the state violates the constitution, because that might hurt our CREDIT RATING??? Seriously??

    Maybe we shouldn’t be risking it with irresponsible unconstitutional shell games, Pols…

    1. More delusional tortured twisting of the real story …. the states fiscal crisis is created by tax hungry big government spenders.

      Stapleton is concerned and rightly so … Just look at the fiscal problems that Hancock is trying to deal with after years of abuse.

        2. If it’s OUR (still no bold face?) money, how about this thought: They’re our roads and bridges? OUR!, our. C’mon. You can do it. I know you can. Just one itty bitty step further.

            1. If he doesn’t mean THAT “ours”…which “ours” does he mean?

              Psst…I think he actually means “mine”, ’cause if it’s really “ours”, as in Grays’ definition, then we should have some say so, huh? Isn’t that right,  Moderatus?  

      4. states fiscal crisis is created by tax hungry big government spenders.

        and you know it. It was created by stinking rich assholes and their free market disciples who won’t pay their fair share of taxes.

        By corporate boards and CEOs that take billions in profits, park them overseas, and pay little or no taxes. Trying to impose your “free market” on this country requires the institution and practice of disaster capitalism. In my mind, the deliberate destruction of the American economy for political and financial gain is an act of treason.

        This Republican led attack on the “common wealth” of the U.S. is not just an act of theft, but an act of aggression against the American people. As surely as though they came into each household and pilfered everything of value, these thieving Wall Street aristocrats believe they have a right to lower your standard of living.

        They believe they have a right to tell you how to live, who you can love and marry, how a woman should take care of HER OWN body. They believe they should get to decide how much your labor is worth…because… they are better than you.

        And that is the ugly little truth, huh Tadpole? Right ABOT? You are better than me..and Blue Cat and Ari, PCG, Van Dammer and all the other liberals on this site. It is your arrogant hubris that makes your presence so distasteful. You might even be forgiven for that childishness if you were right about anything important.

        And , almost on cue, Moderatus verifies my point about your motives…

        he’s there to watch OUR money. Bravo!

         

        1. Define “fair share?”

          Many people believe “fair share” is when all individuals pay in, based on what services they consume rather than what income they generate or property they own. For example, a person with a 500,000 dollar home will not use more roads, fire, police or education than a person with a 100,000 dollar home yet he pays 5 times more property tax.

          Actually, the family with more occupants and vehicles will use more services.

          Progressive taxation was not designed to be fair. IT is designed to be punitive and an equalizer.

          You want fair? Divide total cost of government by number of residents.  This is the true share cost of government.

          1. Forget it, Nock.

            Many people believe “fair share” is when all individuals pay in, based on what services they consume rather than what income they generate or property they own.

            Many people believe…? I don’t.

            Who are you…Milton Friedmans’ ghost?

    2. We elected Stapleton to protect Colorado’s financial assets. His acceptance — and his oath — contracted him to do so.

      Now, if Stapleton were to come up with another way to guarantee payment of the State’s obligations and shepherd it through the Assembly and Senate, he’d be a responsible treasurer, upholding his duty. To publicly undermine the State’s credit, therefore its financial assets, is not only irresponsible, it’s mendacious. (I thought Republicans were big on “duty”. Oh, well.)

      As to whether FASTER fees are constitutional, in Colorado we usually leave that up to the courts. If it is ruled unconstitutional, will you, Stapleton and others of your leaning step forward with a different solution to our transportation infrastructure problems? Or will you shrink back into your no-tax caves?

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