Economy/Debt Passed General Election
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PEAPAC Recommends: YES

Lowering borrowing costs is good stewardship; helps lawmakers cut spending by reducing debt service costs.

Summary

Allows the state to use general obligation bonds for property projects, lowering interest costs.

Biblical Reasoning

While debt is a way of life in America today, Scripture repeatedly and clearly negatively characterizes most forms of debt (Deut 28:12,13 with 28:43,44; Prov. 22:7; Rom. 13:8). Debt is not sin, but frequently (not always) results from the sin of covetousness – desiring and then obtaining through unrighteous means what God has not provided for with righteous means.

Deuteronomy 28:12,13 — “Scripture repeatedly and clearly negatively characterizes most forms of debt”
Deuteronomy 28:43,44 — “Scripture repeatedly and clearly negatively characterizes most forms of debt”
Proverbs 22:7 — “Scripture repeatedly and clearly negatively characterizes most forms of debt”
Romans 13:8 — “Scripture repeatedly and clearly negatively characterizes most forms of debt”

Election Results

59%
41%
YesNo

Voters approved the borrowing limit authorization (59% Yes).

Full PEAPAC Analysis

PEAPAC Explanation: Approving this referral from the Legislature would allow the State to use general obligation bonds for most of its debt financing. The practical effect is to slightly lower Oregon’s costs to borrow money. Lower borrowing costs is obviously a good thing. However, from another perspective, this could be said to prop up a system of debt financing, with no firm commitment to the reduction of debt. It’s sort of like a man in debt making use of a lower cost credit card to pay off higher cost ones, instead of making a commitment to live debt-free as much as possible.

While debt is a way of life in America today, Scripture repeatedly and clearly negatively characterizes most forms of debt (Deut 28:12,13 with 28:43,44; Prov. 22:7; Rom. 13:8). Debt is not sin, but frequently (not always) results from the sin of covetousness – desiring and then obtaining through unrighteous means what God has not provided for with righteous means. So some good men oppose this Measure. But in our mind, the commitment to try to reduce state bonded indebtedness is a separate issue from the cost of that debt.

And we are hopeful that a sea change is occurring in our State and nation. There will be a significant number of lawmakers elected this year who are committed to cut state spending and debt. The approval of this Measure will be one more tool for these lawmakers, and be a help to them to cut spending by lowering the cost to finance current debt. We therefore recommend your Yes vote on Measure 72.

← PreviousMeasure 71 (2010)