[snopercod]

I just stumbled across a table of proposed bond issues in California for fiscal 2002-2003. I'll try and find a place where it is appropriate to post, but y'all might find it interesting, in the Chinese Curse sense.

AN OVERVIEW OF THE ADMINISTRATION'S BORROWING PROPOSALS

[Ernest_at_the_Beach]

Very interesting;

And what is this?:

PERS Loan
$1.029 Billion
$231 Million
$7 Billion

[Robert357]

Ouch!

Take a close look at the Public Employee Retirement System borrowing and look at the amount versus the total cost. There is a multiplier of about 7. Most of the other long term bonds have a multiplier of about 2 to under 3. This means that the PERS borrowing is very back end loaded. That is that for the first several years there are no principal payments and maybe even no interest payments.

Someone in Simon's campaign should point this out to the public employees group as this is stealing their retirement funds with promises that future governments will pay the retirement fund back. I would think that this traditional hotbed of democratic support would be up in arms. But hey, Davis is a democrat so he wouldn't hurt them?