Posted on 10/15/2004 9:35:55 AM PDT by NormsRevenge
Was it Freud or Jung - or maybe Professor Irwin Corey ("the world's foremost authority") - who defined "insanity" as "trying the same thing over and over again and expecting different results"? This year's state budget includes a pension-funding scheme that's a clone of one that was ruled illegal just 12 months ago.
The plan is to float up to $2 billion in bonds - without giving the electorate a say in the matter. Last year's formula for $2 billion in "pension obligation bonds" also cut voters out of the equation. It was struck down by a state Superior Court judge for that reason.
The California Constitution says the state can't borrow more than $300,000 without an OK from voters.
--snip--
Why would state officials think they could ignore it? Here's their slippery excuse: Financing a pension system is itself a constitutional obligation, they point out; therefore, they argue, they shouldn't be hindered by burdensome formalities - such as consulting voters when they're raising dollars to discharge that duty.
--snip--
It falls to taxpayer-rights groups to defend the Constitution's limits on debt. The Pacific Legal Foundation - representing the Fullerton Association of Concerned Taxpayers - will bring legal action if the state doesn't reverse direction and submit the borrowing plan to voters. This year's illegal pension bonds are likely to be gaveled out of court as fast as last year's were - and the judge may look plenty annoyed while doing so.
The purpose of the borrowing scheme - to fund cushy retirement programs - is as disturbing as the bonds themselves. Like the sailor who promises drinks for everybody in the bar because he's too tipsy to realize he's already run through his money, Sacramento has pledged pensions for state workers that outstrip the state's ability to pay.
(Excerpt) Read more at ocregister.com ...
Guess who supports this continued plunge into the depths of fiscal insanity?
Guess who is opposed? Sheeee, his 1st name is Tom.
There is no basis to call this man a 'fiscal conservative'.
He is a borrow-and-spend liberal.
Today's Mercury News on Arduin resignation:
The governor said conservatives should not fret about [Arduin's] departure: "No matter who is in there, I will call the shots. I decide which programs we cut. I will decide to which extent we will keep our discipline with spending. And I promise to the people of California I will not spend more money than the state takes in."
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