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...
