Friday, October 5, 2012

Walters: California is drowning in debt service

I wish there as more info as to the total amount of debt.

"To keep taking applications (for bond money) on the assumption that there's going to be a bond, it's like ignoring the reality of the state's financial situation," Sen. Loni Hancock, D-Berkeley, a member of the State Allocation Board that awards school construction grants, told Cabinet Report.

The irony is that the Legislature itself fully engaged in the orgy of bond issues during the last couple of decades that produced this mountain of debt, along with some self-serving initiative promoters.

Voters approved bonds for stem cell research, to cover budget deficits, to build highways (rather than raise gas taxes) and for myriad other purposes.

Just this year, the Legislature approved spending nearly $10 billion in bond money on a new bullet train system.

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