On Brookline

Despite the rent-a-crowd of school supporters at the Selectman’s public hearing on an override (but not present for the school superintendent’s budget presentation two nights later), I just don’t see much support for an $8 million bailout.

As I write this, bad economic news is taking 25 points off the S&P 500 and consumers are the most pessimistic they’ve been in years.

By the time May rolls around we’ll be calling these times what they are–a recession. It’s inconceivable to me that residents will see their wealth diminish around them and then vote for a tax increase. But, stranger things have happened.

Making matters worse for our bleeders, an override is a referendum on town government. And there’s not much affection for our ship of state. See, people in management at town hall need only make the boards (school committee, selectmen) they report to happy to keep their job, which those in Brookline do with great facility.

But now residents who have never received a return call from town hall, who have been figuratively fingered by the planning department (especially the housing director), who have been called obscene names by building inspectors or who can’t afford the gas required for a trip down Beacon Street will have their chance. And they are legion.

That’s why town government has resorted to scare tactics in support of the override. Fear is their only hope. Theme: If you think things are bad now…

Make no mistake, an override will reach the ballot because the people who do have their calls returned (those who serve in town government) are afraid of what might happen without one. But among residents there are a litany of other fears that will sink an override to the ocean’s floor.

In the more rational system outside town government, it makes no sense to repair the sinking ship that has been firing its cannons at you. Especially at the expense of repairing your own vessel.

Update:  And if the bad economic news isn’t enough, it looks like unusual turmoil in the municipal bond market.  Typically, these bonds perform well in a down economy as a “fight to quality (i.e., low risk)” takes hold.  But the market is tanking.

And at about the time the override is voted on, we’ll know whether the US Supreme Court will lift the tax advantages given to those who purchase bonds issued by their place of residence (income is tax free to residents).  And whether out-of-state bondholders will be entitled to rebates.

All in a town that has as much long term debt on the books as it takes in annual tax receipts.

Enjoy your recently renovated town hall, which has been financed through $14 million in municipal bonds.