Mark Dayton and the DFL are proposing a $775 million bonding bill this session, which is smaller than they should have; $1 billion would be much better. But despite the GOP’s professed commitment to jobs — a commitment we’ve never seen any evidence of — they’re planning a woefully inadequate bonding bill:

[House Capital Investment Committee Chair Larry] Howes says he thinks the maxiumum size for a bonding bill this year in the House is about $500 million.

Sorry, but that’s nowhere near good enough. Not only is it an insufficient job creator, it’s fiscally irresponsible. Interest rates are still historically low. Nobody can deny that our roads, bridges, and schools have been underfunded lately; why not improve them now before interest rates increase?

In fact, the Governor’s bonding proposal would reduce our debt service payments. According to Minnesota Management and Budget [PDF], the ten-year average for bonds is — wait for it — $775 million. That’s exactly what the Governor is proposing for this year, but in a year with very low interest rates. The effect will be to slightly reduce our debt service payments.

Given that the Governor’s proposal would reduce our debt-service payments, I can’t possibly think of a good reason to spend $300 million less and kill thousands of jobs.