Photo of Carrie Olson, Denver Public Schools, Board President
By Jason Bailey, Founder, Citizens for NO New Debt.
Why I’m voting for NO new debt
On November 5, 2024, Denver voters will be asked to approve $975 million dollars in additional debt for the Denver Public Schools.
If we approve this new debt, due to the cost of interest, fees, and other expenses, the payback on this $975 million would be approximately $2.2 billion dollars over the course of the loan.
Our schools would need to give to Chase bank and/or all other banks more than $1.2 billion dollars ($1,200,000,000) in interest, fees, and other expenses just to borrow the money.
Paying $2.2 billion to borrow $975 million reduces our schools’ revenue to 44 cents per dollar as we give 56% of our schools’ revenue to the banks. Money from our schools and the children – to the banks.
Debt takes our schools’ revenue and then gives this money to Chase bank and/or all other banks. Debt is the opposite of more money. Debt just digs a hole and then we need to give twice as much money to the banks in order to claw out of that hole.
The children would be robbed of more than half of their future budget if we rely on debt. Every dollar given to the Wall-street banks for interest, fees, and other expenses is the same thing as throwing that dollar into a trash can.
Zero actual service comes from every dollar of debt service.
Zero actual benefit for our schools on 56% of the revenue as we give this money to the banks – if we rely on debt.
If you think that it’s a good idea for our schools to have much less budget in the future as the banks take 56% of the revenue from our schools, then vote for more debt.
Debt is not revenue. Debt does not provide to our schools more money. Debt takes money from our schools and then gives this money to the banks.
Please take a look at the payback on this debt if it were to pass by the voters. The schools would need to give to the banks approximately $77 million dollars ($77,000,000) for interest on this debt – in the first year alone. The payments would be $7.5 million dollars per month for 25 years (300 payments).
All numbers are estimates only as DPS has yet to finalize the deal with the Wall-street banks.
This amortization schedule shows only the first 12 payments
It’s imperative that we say NO to more debt. We need to cut-off the banks and all that banking Greed. Banks love debt – this is how they make so much money. The banks take our schools’ revenue and then they give this money to their billionaire “investors” (takers).
More debt is not a caring position. We will buy twice as much critical maintenance and twice as much A/C for our schools, per dollar of revenue, if we do it without debt. Debt service is a waste of valuable money – a terrible reduction of actual service.
More debt is not a generous path. Saying NO to Chase bank and/or all other banks gives us more budget, not less. Basic math my friends. Debt is NOT good for the schools’ budget.
It’s not that the Denver Public Schools don’t need more money – they do. It’s that debt is the opposite of more money – debt depletes our revenue.
I’m voting NO for more debt because debt does not and cannot replace revenue.
More debt equals more austerity – even though many people are fooled to think the opposite of this.
We need to stop our addiction to debt – we are in a vortex of debt that is ruining our public budgets. Debt begets debt.
Bonds pay for nothing – every single dollar needs to be repaid from actual revenue – plus enormous amounts of interest, fees, and other expenses.
School debt is NOT an investment; school debt is a liability. If the voters pass this debt, our schools will have less money over time – much less! We invest in our schools by cutting off the banks. Debt is a four-letter word.
Debt is very unfair to the high school kids and young adults. The children in school today will pay-back this debt when they get out of school and begin to pay taxes.
School debt is like college debt, but for K-12 children. Let’s call it what it is, Child debt. Debt cheats the next generation.
The next generation deserves a better world than a world full of debt to be repaid.
Please consider helping out by communicating this message to every person you know via “social” media (corporate media) and talk, talk, talk.
We need to be urgent in cutting off the banks. We need to focus on this or we will all run out of money as the banks take everything.
We say NO on 4A
We say NO to the banks
CitizensforNOnewdebt.org
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