“It’s a big victory and a sobering message for the spendthrifts in the Legislature. They can’t use the credit card to cover ongoing costs of government.”
Former Gov. Gray Davis’ administration designed the pension bond plan.
In 2004, Schwarzenegger endorsed the plan.
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The problem with socialism is that one eventually runs out of other peoples money. - Margret Thatcher
And then they start borrowing. :-(
And when they hit their debt limit, they enter into Public Private Partnerships.
We've almost hit bottom.