Much has been written about the August budget put forward by Governor Schwarzenegger last week. At his press conference announcing his plan, the Governor said that his budget plan was “a fiscally responsible compromise” and will “put our state on the road to fiscal sanity.”
In reality, after spending some time looking it over, and discussing it with state policy experts in more detail, the Governor’s proposal will do nothing of the sort. It includes more borrowing and higher taxes on hard-working Californians so the liberal majority in the Legislature can increase spending by billions of dollars. Worse for taxpayers, his plan will still leave California with a $7 billion deficit next year.
The Governor said that more borrowing in the budget is “not a wise idea and I will not do that.” This is very confusing because on the face of it — well, it’s not true. When I look over the plan, I see billions in borrowing. Maybe the Governor means that he won’t close the addition gap between what Democrats thus far have put forward and fiscal reality, that Republicans would like to see closed with spending cuts, with more borrowing?
**There is more – click the link**
August 25th, 2008 at 12:00 am
Once again, the Governor is LYING to us. He lied when he promised to oppose tax increases. He lied when he promised to “cut up the State’s credit cards.” He lied when he pretended that Prop 58 would solve the state’s budget problems. Now he is lying when he pretends to oppose additional borrowing, while at the same time proposing billions in new borrowing.
We need to ignore what he says and watch what he does. He is less fiscally responsible than Gray Davis, who would never have proposed all the borrowing on bonds that Schwarzenegger gave us.
August 26th, 2008 at 12:00 am
Shut it down!
Shut it down!
Shut it down!
August 26th, 2008 at 12:00 am
I co-wrote the ballot argument against Prop 58, which promised fiscal reforms in exchange for a $15 billion bond for day-to-day state operating expenses. We detailed why this reform was a sham, with loopholes big enough to drive Arnold’s Hummer through.
Everything we predicted has come to pass. Now we are supposed to trust this guy to provide meaningful reforms. I’d sooner trust Lucy with holding the football for me to kick.