I'm running for Gubinor in 2006.
Posted on 10/04/2005 9:05:51 AM PDT by NormsRevenge
SACRAMENTO — Democratic gubernatorial candidate Phil Angelides warned Monday that Republican Gov. Arnold Schwarzenegger is ruining California's quality of life, while the governor blamed road problems and other woes on lawmakers and urged voters to pass his spending-limit measure.
The clashing rhetoric came from sites hundreds of miles apart but reflected why voters are confused and unhappy about Schwarzenegger's Nov. 8 special election. The day also served as a preview of the 2006 contest for governor.
In Sacramento, Angelides issued his annual debt report as state treasurer, saying Schwarzenegger has driven California nearly $8 billion deeper in deficit-bond debt — more than $2,750 for every family.
"There's no question we're in worse shape fiscally than when this governor took over," Angelides said at a news conference.
"I never believed that after the tumult of the (2003) recall (of former Democratic Gov. Gray Davis) we'd be standing here with $25.7 billion of (deficit-bond) debt and facing a $6 billion deficit (in next year's budget)," Angelides said.
The treasurer said his report, based on numbers from nonpartisan legislative analysts, "starkly outlines the failure of Schwarzenegger's economic recovery plan" — a conclusion he said "should be alarming to each and every citizen of the state."
Angelides said the mounting debt is hurting California's poor credit rating, making it more expensive to borrow.
"The state has engaged in massive borrowing that has loaded our children with debt, that is costing the taxpayers significant sums (in annual debt service) and is now eating into our ability to finance important investments in our future, like education and health care," he said.
Davis won approval of multibillion-dollar deficit bonds. Schwarzenegger used some of the revenue to pay off the first loan.
The treasurer Monday urged the governor to not borrow any more and introduce a budget for the fiscal year starting July 1 that would not be balanced on what he called the backs of the poor, through service cuts, and the middle class, through college tuition hikes.
In the past, the treasurer has urged tax hikes on the rich, but he stopped short of that Monday.
In a Southern California appearance, Schwarzenegger urged voters to approve his spending-limit measure, Proposition 76, to head off tax increases. "What people need to know is that if they vote for Proposition 76, there will be no new taxes," Schwarzenegger said.
In particular, the governor focused on what he called the measure's benefit for transportation because of protection of gasoline sales tax funds that are earmarked for transportation improvements.
"Proposition 76 is not only saying we have to live within our means, that we have to balance our budget, that we pay down the debt, but also that we can't raid special funds," including gas sales tax funds that have been set aside for road work, he said.
In response, Angelides said that "the governor's spending initiative would, over time, make it more difficult to invest in education and transportation and, in fact, would end up, perhaps, taking substantial monies from local governments, who were promised last year that they would remain free from raids by the state."
The Legislative Analyst's Office agrees that Proposition 76 could lead to limits on special taxes collected for specific uses, including fuel funds for transportation.
The governor's appearance was part of his battle for the initiatives that he placed in the special election. Polls show the initiatives, and the balloting, are unpopular.
Schwarzenegger also recently mentioned additional bonds for traditional uses, including disaster preparedness and transportation, if other means don't work out.
But Angelides said that given the tens of billions California already has borrowed for infrastructure, he is opposed to any further borrowing for pressing needs at this time.
The treasurer said an economic downturn, which has been forecast by some economists, could make matters worse.
I'm running for Gubinor in 2006.
CA: Intellectual dishonesty reaches new low in Angelides debt report
http://www.freerepublic.com/focus/f-news/1496396/posts
Heard last night on CSI: Miami that central CA is the meth lab of the nation.
Heard last night on CSI: Miami that central CA is the meth lab of the nation.
---
...and some are trying to blame all the cows.. tsk tsk.
Meth production is a nasty eco-unfriendly process,, but majorities of eco-protesters are probably hopped up on it when they are out 'saving' the earth. ;-)
Some loser unions, big spenders and commie legislators are.
They wish!
In Sacramento, Angelides issued his annual debt report as state treasurer, saying Schwarzenegger has driven California nearly $8 billion deeper in deficit-bond debt — more than $2,750 for every family.
And much more lucrative for lenders.
Davis won approval of multibillion-dollar deficit bonds. Schwarzenegger used some of the revenue to pay off the first loan.
Not quite right. Davis got the DEM legislature to approve $10 billion in deficit bonds and was being fought tooth and nail in the courts by Republicans because it was unconstitutional. Schwarzenegger, through Prop 57/58, changed the constitution and got $15 billion in deficit bonds approved. [The $10 billion was the estimated year-end deficit which turned out to be $8 billion when the books were closed].
The treasurer Monday urged the governor to not borrow any more and introduce a budget for the fiscal year starting July 1 that would not be balanced on what he called the backs of the poor, through service cuts, and the middle class, through college tuition hikes.
Just say it Phil--you want new and higher taxes.
In a Southern California appearance, Schwarzenegger urged voters to approve his spending-limit measure, Proposition 76, to head off tax increases. "What people need to know is that if they vote for Proposition 76, there will be no new taxes," Schwarzenegger said.
Psst. Arnold. CUT SPENDING. There’s a veto pen in your pocket.
Schwarzenegger also recently mentioned additional bonds for traditional uses, including disaster preparedness and transportation, if other means don't work out.
Borrow, borrow, borrow.
The treasurer said an economic downturn, which has been forecast by some economists, could make matters worse.
Duh! MUCH worse.
The problem is, this is effectively a fat year and we are in deficit. There is no cash reserve to protect the State from a downturn.
Thus if we adopt Prop. 76 now and there is a downturn... emergency powers time.
Now, if we go through a period under emergency powers, does that effect the baseline or not? OR do we go through another period of borrowing against future revenue the way Prop. 76 proposes to do with the accrued account against Prop. 98 mandates?
Good question. I'm not sure of the answer, though.
Angelides is, of course, a left wing tax & spend Sacramento crapweasel who cannot ever be trusted.
Agreed.
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
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