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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: JohnM who wrote (239935)	12/15/2013 4:31:58 PM
From: Steve Lokness	Respond to of 542147

Here is what happens, when the result of runaway inflation is brought into the picture; In January 1982, the WPPSS board stopped construction on Plants 4 and 5 when total cost for all the plants was projected to exceed $24 billion. Because these plants generated no power and brought in no money, the system was forced to default on $2.25 billion in bonds. This meant that the member utilities, and ultimately the rate payers, were obligated to pay back the borrowed money. In some small towns where unemployment due to the recession was already high, this amounted to more than $12,000 per customer. The bondholders sued and the matter wound it way through courts for the next 13 years. Plants 1 and 3 were never finished either, but their costs were backed by the Bonneville Power Administration and the power it generated from the Columbia River Dams. Never have you seen the waste that was unleashed at Satsop! The huge cooling towers, never used, are a stark reminder of inflation ruining the best intentions! The many year project spiralled in cost with interest rates on top of interest rates creating a situation that can only be described as economic hell. People suggesting today that inflation wasn't out of control have no clue! historylink.org