[Savage Beast]

If the Democrats had their way, the entire United States would be in a bigger financial mess than California.

[Tamzee]

Ping for Donna Arduin column in WSJ :-)

[Mr. Jeeves]

The California Teacher's Association is already howling about the spending cap. If we can't go deeper into debt to keep their bureaucrats employed, the plan is totally unacceptable to them.

[BibChr]

Kind of odd this is such a quiet thread.

Posse ping.

[witnesstothefall]

we will not be able to refinance the $14 billion of debt that matures in June, or be able to pay our bills.

I hate when debt is candy-coated like this. $14 billion is DUE in June, and California is too broke to pay it off, so the state will dig a deeper hole.

[45Auto]

We have a list of proposals to start reducing spending now. It includes 38 specific actions that cover a range of program areas,

Anybody know where these specifics have been published?

[South40]

But Socialism can work...trust me!

[FairOpinion]

I read the article and decided it's such a great one, thanks for posting it.

Then I looked again and realized it's written by Donna Arduin!

I am very glad Arnold picked her as his Finance Advisor.

[Amerigomag]

No crystal ball need here. What an isolated, utopian legislature set into motion, abetted by a spinless executive with no vision or hope of leadership has now been dumped into the lap of a Hollywood liberal leading a pack of moderates. What could have been, is now moderated down to the lower road of compromise and politcal pragmatism.

Leadership and vision was promised but so far a free ride on the coat tails of an angry, determine, grassroots is all that has been offered. The moderates swoon at the early victories, not willing to admit that their newly crowned king, through political slight of hand, managed to beat the mob to the punch. Both the illegal VLF increase and the absolutely irrational dispensing of the benefits of citizenship to the unqualified and undeserving were already headed to hell in a handbasket when the new king, in collusion with a freightened legislature, triped up the mob/courts just long enough to give the appearence that they had, single handedly, pushed the rotting carcasses over the cliff. Some leadership.

Which brings us to the resoltuion of California's short term cash flow crunch. Understanding that California has more than enough juice to meet it's structural needs, just not enough to support the world's poor, the leadership plan offered was blinding. Let's borrow more money so we don't have to make the long overdue and necessary adjustments in our utopian, social spending. And for good measure let's enact a statute, the spending cap, that takes the heat off of anyone without a spine. No leadership, just "The cap made me do it".

Let's preserve just enough of business and borrow $15B so we can continue "our" programs. Hopefully the moderates will choke on it.

[Flashman_at_the_charge]

Seems pretty good to me. Now is Arnold willing to take this to the people if needs be though?