Is Borrowing to Support Higher Education in NJ an Investment or a Waste [POLL]
I see the word “borrow” and I cringe!
As I think you should too!
I seem to recall a rally to stop what would have been a heinous plan to borrow against future toll revenues of the Turnpike and Parkway in order to close NJ’s massive budget deficit.
Some might think borrowing to support higher education here in the state is a good thing.
A wise investment in our future.
Perhaps even a measure to stem the tide of the “brain drain” our state undergoes whenever college age students attend out of state colleges.
Gov. Chris Christie signed legislation today that will put a question on the November ballot asking voters to approve $750 million in borrowing for the state’s colleges and universities.
The law — called the “Building Our Future Bond Act” — comes after years of lobbying by college officials and higher education advocates who say New Jersey has been underfunding its colleges and universities. The money will be used to build and renovate campus facilities.
If approved by voters, the $750 million will be divided among the state’s public and private colleges and universities. Public research universities, including Rutgers University, will get the biggest allocation — $300 million. The rest of the public four-year colleges will get $247.5 million. County colleges will get $150 million and private colleges will get $52.5 million.
Notice I emphasize private colleges and universities.
Do we necessarily need to borrow in order to fund their projects as well.
Or are they sufficiently funded by tuition and alumni.
And as for our own public institutions of higher learning, are they not funded enough by the higher tuition costs students and families alike have to bear.
Gives you something to think about come November when you go to the polls….if for no other reason, to vote down what you may feel is unnecessary spending.
(And you WILL be going to the polls….won’t you?)
Do you support the “Building Our Future Bond Act” which calles for borrowing to improve infrastructure in our pubic and private colleges?