State Finances Hit Close to Home
Back in the days when college students could still finance their educations with student loans, our parents had to cosign for one year of our astronomically expensive education. (Yeah, we had some trouble with that credit card we ended up with freshman year.) To this day, we’re threatened with dismemberment should we make a late payment and ruin our mom’s credit score.
But cosigning loans isn’t just for parents of spendthrift liberal arts majors anymore. Now the state may have to vouch for the Turnpike Authority’s ability to pay back its massive debt.
Much like the promises we made to our parents, the Turnpike Authority swears that they’re good for it, and that it won’t impact the state’s finances at all. And, just like our parents, the state has met its fate with a resigned shrug.
“We believe this is the best of a number of bad options the turnpike faces,” said Jay Gonzalez, undersecretary for administration and finance. “We don’t expect to ever have to pay $1 in the turnpike’s debt. But does it expose us to some level of additional risk? Yes.”
Yeah, we’re sure it’ll be juust fine. But be careful if the MBTA comes looking for a bailout. Those guys are screwed.