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Using the state’s good credit is not inherently a bad thing. It becomes a bad thing when it is used to "just make it through this biennium," or because it becomes necessary because of the lack of fiscal discipline when it is needed.
The wise use of our debt capacity for strategic investment purposes is actually good for Oregon. If the investment results in increased sustainable family wage jobs or creates an asset that far outlives the initial cost of investment, Oregonians win. This budget recommendation does include targeted investments using the state’s debt capacity, including:
- Postsecondary infrastructure.
- Prison construction.
- Multimodal transportation.
- Data center consolidation.
- Project-ready industrial sites.
- The Oregon Nanoscience and Microtechnologies Institute (ONAMI).
While there is not a specific package included at this time for an investment by the state in stem cell research, the Governor is interested in working with OHSU, the Legislature, the federal delegation and the private sector to help make Oregon one of the centers of progress for stem cell research. This may prove to be an area where it would be appropriate for the state to use some of its bonding capacity to make an investment because it would immediately create jobs for Oregon, as well as promote research that holds real promise for finding cures for diseases such as Alzheimer’s, Parkinson’s, Diabetes, and spinal cord injuries.
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