CA: Borrowing by state merely postpones the reckoning

Sac Bee ^ | 6/11/03 | Dan Walters

[NormsRevenge]

State officials will open bids today for $11 billion in short-term loans to ease a severe cash crunch, but while the money will forestall defaults on other loans coming due this month, it may delay resolution of California's monumental budget crisis for many more weeks.

[NormsRevenge]

The DEmRats "Road to Bankruptcy" Ping

[liberalnot]

davis has just kept on spending.

tom mcclintock, republican, says that there was no deficit--only davis' excessive spending:

25% = increase in tax revenues over last year.

40% = davis' increased spending.

21% = increased need due to inflation and immigration, etc.

it's as if you decided to spend 40% more money this year, but had gotten a pay increase of 25% more.

the immediate effect is california's credit rating is the lowest in the nation. and davis is passing his excesses on to the next governor.

[Snerfling]

it's as if you decided to spend 40% more money this year, but had gotten a pay increase of 25% more.

I believe this is over a 4 year period - still, the point stands. The Dem's position is that with so many problems to solve in our racially polarized society, under a system that rewards the rich (dual income over $75k), and which education is a critical factor in continuing the re-education of young people, essential programs cannot, must not, be cut.

[NormsRevenge]