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Big Dig's red ink engulfs state

Discussion in 'Political Discussion' started by Real World, Jul 17, 2008.

  1. Real World

    Real World Moderator Staff Member

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    Hey, the MassPike will be free once it pays for itself. :rolleyes:
    Look at the bright side though, at least it's safe. :rip:
    Um, at least it doesn't leak? :banned:

    In all seriousness though, it's good to see that our gubmit is both controlling, and cutting spending in others area's in order to compensate for the enormous obligations we're stuck with over the coming decades. Maybe if we add another dollar in taxes to the cost of a pack of ciggarette's, we'll be able to pay for all that we owe, and even put 1,000 new cops on the streets, while bringing down property taxes.

    :rofl:


    Big Dig's red ink engulfs state

    Cost spirals to $22b; crushing debt sidetracks other work, pushes agency toward insolvency

    The Boston Globe has reported that the Big Dig debt will not be paid off until 2038 -- 30 years from now. Taxpayers will be responsible for$18 billion of the $22 billion dollar debt stemming from the Big...

    By Sean P. Murphy
    Globe Staff / July 17, 2008


    Massachusetts residents got a shock when state officials, at the peak of construction on the Big Dig project, disclosed that the price tag had ballooned to nearly $15 billion. But that, it turns out, was just the beginning.

    Now, three years after the official dedication of the Central Artery/Third Harbor Tunnel, the state is reeling under a legacy of debt left by the massive project. In all, the project will cost an additional $7 billion in interest, bringing the total to a staggering $22 billion, according to a Globe review of hundreds of pages of state documents. It will not be paid off until 2038.

    Contrary to the popular belief that this was a project heavily subsidized by the federal government, 73 percent of construction costs were paid by Massachusetts drivers and taxpayers. To meet that obligation, the state's annual payments will be nearly as much over the next several years, $600 million or more, as they were in the heaviest construction period.

    Big Dig payments have already sucked maintenance and repair money away from deteriorating roads and bridges across the state, forcing the state to float more highway bonds and to go even deeper into the hole.


    http://www.boston.com/news/local/articles/2008/07/17/big_digs_red_ink_engulfs_state/
     
  2. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    My first thought is, "I wonder how much of the $15 billion was due to lies & corruption? This was obviously what is referred to as a "cost plus" job that allowed for increases as it went along.

    I think it ended up costing 2 1/2 times the original price tag. When a job is that big & complex, I even wonder if it is possible to control over-charging and corruption.
     
  3. scott c

    scott c On the Game Day Roster

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    Agreed....I know some of the contractors who got to do the project...some unsavory people to say the least....also.....you can come up with a cheaper bid if you dont include things in the price that you know that the project has to have.....engineers are human,and a contractor looks for things that are missing in the specs...knowing full well that thats an x-tra in the end that should have been put in there from the beginning.:D
     
  4. Real World

    Real World Moderator Staff Member

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    The original price tag was $2.6 Billion. :rofl: Anyhow, how about this beaut from the article.


    Is there an agency in this state that isn't operating on borrowed money? The MBTA is only a little over $8 BILLION in debt. This state is gross. The problem with the dig is that it was a state job.
     
  5. Real World

    Real World Moderator Staff Member

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    Absolutely. You can add in that the Dig was a T&M job. That would be "time & material". Ouch. I can't even begin to explain the waste involved on that project. Tripple invoicing, dumby companies, clock punching scheme's, etc. Gross.
     
  6. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    This is one of those times we can't debate along partison lines. We've had republican governors in office most of the time and a state house dominated by democrats. I guess incompetency is impartial.

    The kicker is...no one has gone to jail:rolleyes: I gotta find me a white collar crime job!
     

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