LEGISLATURE SHOULD KEEP TABS ON GROWING DEBT

The $20 billion in bonded indebtedness carried by Missouri and its various agencies seems a staggering amount.

While the amount shouldn't trigger an alarm, the Missouri General Assembly should take note of how much the St. Louis football stadium is already costing taxpayers while it debates the merits of a new St. Louis baseball stadium.

Although the publicly announced amount of the state's share of the football stadium was $29.93 million, after refunding and refinancing that amounts to $153.21 million, Missouri taxpayers will have paid a total of $243.92 million in interest and principal over the three-decade payout of the loan.

That is just one example of the cost of borrowing money, but one the Legislature should take in serious account. Bond debt can be a tool for growth, but too much debt is dangerous.