Talk about fiscally irresponsible — the MNGOP majority in the legislature deserves to be thrown out for this:

Minnesota Finance officials say they have sold $757 million in bonds tied to the state’s future tobacco payments. Minnesota Management and Budget says it finalized the bond sale - a move that was needed to help close the state’s budget gap. $640 million of the $757 million bond sale will go to fix the state’s budget deficit…. The state will eventually pay bondholders $1.2 billion over the life of the 20 year bonds. [Emphasis added]

We’re going to pay $640 million over 20 years to help fund the government’s operation for the next two years. We’ll be paying off this loan for 18 years after we’re done with the money. That’s the stupidest, most irresponsible idea I’ve heard in a long time.

And let’s not forget why it’s happening. After they shut down the government, the GOP would only agree to a budget plan that prevented multi-millionaires from paying the same tax rate as you and me. They threw fiscal responsibility out the window, and agreed to fund the government by borrowing. The super-rich were a higher priority than their fiduciary duties to the taxpayers.

Bonding for capital investments is one thing. Those are large, expensive projects that last for decades. Paying for them over a couple of decades is reasonable. But this is something else altogether. This is putting our general operating budget on a credit card. This is throwing away over a billion dollars over the next twenty years, all to keep the super-rich from paying their fair share.

Minnesota, I hope you’re watching.