LANSING, Mich. — Senate Appropriations Minority Vice Chair Jon Bumstead urged fellow lawmakers to hit the brakes on plans to plunge the state deeper into debt after Senate Democrats on Thursday fast-tracked Senate Bill 911 to help set up a multi-million-dollar raid on Michigan’s teacher retirement fund.
“It is financially irresponsible to burden future Michiganders with more debt,” said Bumstead. R-North Muskegon. “Data presented by experts at the state’s most recent revenue estimating conference plainly outlined some serious economically concerning trends — people are still spending less as they struggle to overcome the highest inflation seen in decades, and more and more are missing payments on their bills, including rent, auto loans and credit cards. Now is not the time to put Michigan deeper into debt.
“It is my hope that we can still set aside this ill-advised plan to raid the state’s teacher retirement fund. We have a duty to taxpayers to work toward a more bipartisan and responsible spending plan — one that invests in our shared interests and common goals, such as critical improvements to our roads and water infrastructure, proper investments in education and our natural resources, providing for public safety, and paying down debts for the prosperity of future generations.”
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