Bruce Poliquin redefines the role of state treasurer
Photo/Jackie Farwell
State Treasurer Bruce Poliquin is on the hunt for more state revenue
Bruce Poliquin was sworn in as Maine's state treasurer in January, after an unsuccessful primary bid against Paul LePage to become Maine's next governor. But Poliquin sounds at times like he's still on the campaign trail, denouncing bloated entitlement programs and singing the praises of new legislation to allow charter schools in Maine.
In Poliquin's eyes, anything that can potentially create revenue for the state, however indirectly, falls under his scope as manager of the state's balance sheet. Take charter schools, which he says will encourage private business owners to locate in Maine by creating quality educational opportunities for their children. More jobs translate to additional income taxes, a cash stream Poliquin's charged with managing.
A third-generation Waterville native and former asset manager, Poliquin recently sat down with Mainebiz. The following is a condensed and edited transcript.
Mainebiz: What are your thoughts on the federal debt ceiling agreement?
Poliquin: It's a disgrace. They had an opportunity to really fix this thing and they dropped the ball. When you have a deal that allows the folks that got us into this mess to borrow another $900 million immediately but not implement tax cuts for another 10 years, I think it's a disgrace and an embarrassment. I'm convinced we need a balanced budget amendment.
You've referred to Maine's pension crisis as a "monster." Do you worry that convincing people of the seriousness of the crisis warrants potentially sullying the state's reputation in the rating firms' eyes?
I don't use the word "crisis." "Monster?" Absolutely. It's not a problem if you have the cash. In May, we convinced the ratings agencies to give us the benefit of the doubt, and they held our rating steady. They've been crunching our numbers for decades. They know more about our finances than I would ever know. I call it telling the truth.
Some of the 7.65% that teachers and state employees contribute to their pensions winds up paying for the unfunded pension liability. Is that fair?
This is a very difficult issue. The teachers and the state workers did not create this problem. My father was a teacher in Waterville for 25 years, he's in the system. The people who created this problem aren't here to be held accountable. I am grateful to the unions that they sacrificed to fix this problem. I am grateful to the taxpayers of Maine that they continue to contribute to this system.
You've said you have newfound appreciation for public sector work. What's been the most surprising?
To understand the political process under which the Legislature lives. That has been the biggest education for me. They are responsible to the constituents — that is part of the decision-making process.
You're the most out-and-about treasurer the state's had in years, with your blog, YouTube videos and excursions across the state. Why is it so important to you to talk to Mainers directly?
They're our customers. There's a whole new attitude here and we work for the people of Maine. Unless they are aware of the problem, we'll never be able to fix it.
You've signed your blog posts "God Bless Maine." Have you gotten any pushback on that?
We got a little bit of pushback, not a lot. I got a lot of positive feedback from people saying, "Finally, someone's saying, 'God bless Maine.'" We took it off, but I may put it back in.
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