Terry Branstad’s gubernatorial campaign launched a new YouTube video attacking the I-JOBS infrastructure bonding program. Like other leading Iowa Republicans, Branstad continues to exaggerate I-JOBS costs. The video claims the state bonding will cost Iowa taxpayers $55 million per year for 23 years (a total of $1.7 billion). However, when most of the I-JOBS bonds were sold a full year ago, strong investor demand and Iowa’s solid credit rating drove down the interest rate. The repayment costs are approximately $42 million yearly (from gaming revenue, not the general fund), and will add up to far less than $1.7 billion.

How long will Branstad get a free pass for math that doesn’t add up and false claims about Iowa’s finances? Your guess is as good as mine.

Branstad’s new video also suggests that I-JOBS has created no jobs and nothing of value. I explained why that’s wrong here and here.

UPDATE: Chet Culver’s campaign responded to this web ad from a different angle:

BRANSTAD MOCKS FLOOD VICTIMS IN LATEST WEB AD

DES MOINES – Gubernatorial candidate Terry Branstad mocks recent flood victims in his newest web ad, in which he slams Governor Culver’s I-JOBS program.

“A large part of I-JOBS money goes toward flood recovery and mitigation efforts, just ask the citizens of Cedar Rapids and Coralville who depended on aid from I-JOBS to help rebuild their cities and limit damage from future flooding. But Terry Branstad continually mocks I-JOBS; the web video is just the latest representation of that,” said Culver/Judge Campaign Manager Donn Stanley.

Branstad has called the I-JOBS program a “folly.” [1]  The video, released by the Branstad campaign today, is goofy and is, at best, inconsiderate after this weekend’s flooding around Lake Delhi given how critical I-JOBS funding has been in rebuilding from the 2008 floods.

Stanley continued, “Despite this weekend’s flooding, the Branstad campaign continues to mock I-JOBS. It shows just how arrogant and out of touch Branstad and his campaign are. I certainly do not believe that mocking I-JOBS and the flood victims shows the kind of serious leadership Iowans need in tough times.”

Source

[1] Iowa Press Citizen, 6/2/10.