
Last week, we explained that in Charlie Baker's World, his story about his role in the Big Dig financing scheme seems to change over time. Charlie claims he was only responsible for 10% of the problem. Now, we don't know how percentages work in Charlie Baker's World, but it seems he want us to believe he was hardly involved. Well, we've been doing some real world math and is seems like others have too - - like the Boston Globe:
Baker's role in Big Dig financing process was anything but 'small'
Baker's borrowing plan
With federal dollars dwindling and little political appetite for raising tolls or taxes, Baker engineered a two-track financing plan.
The first part relied on selling short-term bonds to investors that would be repaid by the Massachusetts Turnpike Authority and the Massachusetts Port Authority. The Turnpike Authority would kick in $1 billion, while Massport would contribute $300 million.
That money, under agreements Baker signed in 1997 and 1998, would be provided in large part through tolls collected on the Mass. Pike and the Tobin Bridge.
As a result, in 1997, tolls in the tunnels were raised from $1 to $2, and on the Tobin from $.50 to $1, inciting the ire of commuters and concern among elected officials about the political consequences. But it could have been steeper: Further increases, including higher tolls at turnpike booths in Greater Boston, were put off until 2002, after Baker and his bosses were gone. From there, turnpike and tunnel tolls in Greater Boston were scheduled to go up every six years.
The second part of Baker's borrowing plan was more complex and, at the time, more innovative. It called for selling up to $1.5 billion in Grant Anticipation Notes, known as GANs, which allowed the government to borrow money and pay back the principal using future federal highway grants to the state. The interest -- an estimated $550 million over 18 years, which has since ballooned to an estimated $840 million -- would be picked up by taxpayers.
So let's see, $1,000,000,000 plus $300,000,000 plus $1,500,000,000 plus $840,000,000 that adds up to $3,640,000,000. Well it's different in Charlie Baker World, but in the real world THAT'S A LOT of MONEY!
Apparently, in Charlie Baker's World, being responsible for 10% of the Big Dig means being the "chief architect of a financing plan to sustain the project during its peak construction years."
We suspect this story isn't done - we'll keep working on it - stay tuned.

Republicans always get on their high horses and preach about personal responsibility, but it is a rare Republican, indeed, who actually exhibits any him- or herself.
Why would anyone expect Half-Baked to be any different? He is what he is.
The sad thing is, probably half the electorate will simply vote for whoever promises to cut their taxes, consequences be damned.