Posted on 10/14/2006 8:32:12 PM PDT by calcowgirl
Tom McClintock visited our editorial board and delivered a devastating analysis of the infrastructure bonds that changed my vote on 1B. (I was already opposed to 1C and 1D.) He noted that historically bonds were used to pay for major projects that last for at least a generation, under the theory that if it takes 30 years to pay off, the people here in 30 years should still be benefiting from it. He said that argument was crucial to rationalizing passing bonds, since, with interest costs, they end up costing $2 for every $1 spent.
But McClintock said the highway-transit bond (1B); the education construction bond (1C); and the affordable housing bond (1D) were so badly written by the Legislature that less than half of the money in each actually goes to projects that will last a generation. Instead, a majority of the money goes to ongoing program costs, routine maintenance, etc. Which, as he notes, is ridiculous, given that bonds are the "most expensive way we can possibly finance" government operations.
The slim bit of good news is that the levee bond (1E) is about 75 percent devoted to projects that will last a generation. McClintock backs it as a result.
He provided an, oh, infinitely more accurate and honest look at the infrastructure bonds than we got from Arnold yesterday when he visited the U-T editorial board. The governor went on and on about how he was the one who was finally and gloriously rebuilding California. He bristled when I questioned him on spending and budgets and compared some of his practices to Gray Davis'. But on the bonds, as on the budget, he's not remotely the fiscal conservative he pretends to be.
LOL!
The most recent poll I saw was the LA Times Poll. Most importantly (IMO), that poll acknowledged that the majority of the folks being polled had no clue as to what the bonds were. Prior to being read the ballot summaries, 70-82% of folks said "Don't Know".
http://www.latimes.com/media/acrobat/2006-09/25655150.pdf
You're welcome.
Thanks!
step by step ~
coat tail by coat tail
When Matt Fong was the State Treasurer, CA saved hundreds of millions in interest payments by being able to time the dates of the bond releases. And with Angelides at the helm, the state was dumping so many bonds onto Wall Street you could probably find them being used to wrap falafals on the street corners. And the idea of saving the taxpayers money became pointless (and unconsidered). California has become Europe.
Tom McClintock would make a find President or VP someday. A rare occupant the Founder would be proud of.
You really need to find a new pasture mate to wallow in the mud with...
Democratish in Conservatish Clothing
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
September October
-------------------------- --------------------------
Yes No Don't know Yes No Don't know
Prop 1A Prop 42 Funding 43.4 32.4 24.3 44.8 33.3 21.9
Prop 1B Transportation Bond 55.9 31.2 12.9 51.5 35.5 13.0
Prop 1C Housing Bond 34.5 53.9 11.7 33.7 54.7 11.5
Prop 1D Education Bond 41.4 46.6 12.0 39.2 50.1 10.7
Prop 1E Levee Bond 60.8 27.7 11.5 56.8 31.1 12.0
Prop 83 Jessica’s Law 79.4 13.0 7.6 75.0 18.0 7.0
Prop 84 Park Bond 47.6 36.3 16.0 45.7 39.3 15.0
Prop 85 Parental Notification 48.5 42.0 9.5 46.3 45.2 8.5
Prop 86 Cigarette Tax 52.1 41.0 6.9 42.4 51.5 6.1
Prop 87 Oil Tax 43.4 44.0 12.6 39.5 50.2 10.2
Prop 88 Parcel Tax 32.4 55.9 11.7 29.0 61.0 10.0
Prop 89 Taxpayer Funding of Campaigns 27.8 53.8 18.4 25.5 56.6 17.9
Prop 90 End Eminent Domain Abuse 61.3 24.0 14.7 56.0 30.2 13.8
Look how the cigarette tax flipped completely.
MercNews was the first to come out and endorse all 5 of the borrowing measures and some of the tax props. They did get Prop 88 right and recommend a NO vote.
The OC Register came out against all the bonds and all the taxes. Their recommendation looks like McClintocks except they recommended a NO vote on Jessica's Law. The papers seem to be dribbling out their endorsements. I tried to compile them but most haven't published them all.
--- Prior to being read the ballot summaries, 70-82% of folks said "Don't Know".---
No brain, no pain. Well, no brain anyway.
Maybe they're wising up!
Thank You for the Ping and the great post!
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