(Mineola, NY) In a recent TV ad former County Executive, Tom Suozzi, accused current County Executive, Edward Mangano, of borrowing $2 billion in long term debt and of placing the burden on our children. This is at best a gross exaggeration and at worst flat out lying. The Mangano Administration in its three and half years in office has borrowed $1.24 billion, primarily for capital projects and to provide residents with relief from Superstorm Sandy. The Mangano Administration is further projected to borrow an additional $85 million before year-end bringing its total borrowing over the last four years to $1.33 billion, approximately one third less than the $2 Billion Mr. Suozzi falsely alleges. The sources quoted by Suozzi also make no reference to this falsely alleged $2 billion in borrowing.
It is Suozzi that borrowed $2.62 billion in the last four years of his administration from 2006 to 2009, leaving the County and our children with $3.47 billion in long term debt. These numbers are directly from his year-end audited financial statements. Compared to the Mangano Administration, Mr. Suozzi has borrowed almost 97% more ($2.62B versus $1.33B) during comparable 4 year periods.
Mr. Suozzi may think it is okay to lie to children but he cannot lie to adults and he cannot escape his record of adding $2.62 billion in new borrowing in his last four years.
About Comptroller George Maragos:
Mr. Maragos is the current Nassau County Comptroller. He brought 35 years of senior management experience in private industry and has been credited for helping hold the line on property taxes, delivering three balanced budgets, cutting $300 million in waste and fraud and reducing borrowing by 50%. Mr. Maragos holds a Bachelor in Electrical Engineering and an MBA in Finance. He was Vice President at two major financial institutions and Founder and CEO of a successful technology firm. Mr. Maragos is happily married to his lovely wife Angela of 40 years, has two sons and two beautiful grandchildren.
