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Paying Down Debt Is Wise

April 7, 2014

Belmont County commissioners are doing the smart thing with a windfall of more than $3 million....

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Apr-07-14 9:06 AM

Why haven't they refinanced the debt before this.I mean the rates couldn't have been any lower 18 months ago.Notequal,You do understand that 90 percent of our debt is owed to the U.S people. DUH

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Apr-07-14 10:30 AM

wrongiswrong, Actually we are on the hook to foreign debt holders for about 30% of our debt. Technically most of the money is owed to the good peeps of the US! I doubt that many really know they are on the hook! SS trust for example. The problem is the money is spent and additional bonds or increased taxes is about the only way to pay back the peeps! If you plan on paying the debt back it really does not matter to who you owe it.

Do you suggest that the good peeps of the US just eat the debt and start over? Funny stuff.

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Apr-08-14 4:04 PM

The commissioners plan was to pay off "some" debt with higher interest rates so that they could borrow more at a lower rate. What actually happened is a 1 million dollar increase to the already high 30 million debt. This was done in a span of less than 24 hours and before the Rice Energy check even cleared the bank. The right thing would have been to actually lower the debt, not play games with this windfall money. 3 million would have paid down 10 percent of the crushing 30 million we are all on the hook for. In a county of 67,000, 30 million may as well be 16 trillion. I would have been happy to see some of it go to local governments as well. As always, they missed an opportunity to do the right thing. Sadly, political will and responsible leadership is something severely lacking in the commissioner's office. To Ginny Favede's credit, she expressed opposition to this.

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