Greenwich must not follow suit with state and federal debt

FI-Letter-to-the-EditorTo the Editor

Sean Goldrick’s May 16 commentary states that large recent debts incurred by the town of Greenwich should not matter. But what this Board of Estimate and Taxation member must realize is that many decades of no debt preceded the recent borrowing.

If the BET of the distant past had taken the writer’s advice, Greenwich would be awash in debt.

The recent huge expenditures and debt cover schools, municipal buildings and MISA as well as infrastructure.

But the financial world is not static. The $43-billion Greenwich grand list is not fixed. It is a market value that can drop in adverse conditions.

The high grand list total is supported by low Greenwich debt and resulting low taxes. As debt rapidly increases, the Greenwich market values could fall and the debt burden ratio would crumble.

Let’s not let this BET member lead us down the same road as the state of Connecticut and the federal government.

 

Carl Straub
Riverside

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