I hate to say this, but…
I told you so.
Yeah, I know, that is rude, but now that I am no longer in the Legislature, there are very few people who will relate the tale.
I voted for the 2004-05 budget, the Governor’s first budget, because I thought it was a responsible budget that dealt appropriately with the fallout from the Davis spending spree from 1999-2001. In those budgets, Gray Davis and the Democrats (with way too many willing Republicans), increased spending from $58 billion (general fund) to $79 billion (general fund). The next three budgets, 2001-04 moved spending from about $79 billion to $78 billion, and created a $13 billion debt, while revenue went from $66 to $76 billion over those same years. The voters passed the $15 billion bond to cover the Davis mistakes.
Governor Schwarzenegger, with the able help of his then Finance Director, Donna Arduin, brought spending under control in his first budget, increasing spending by only $100 million (as proposed in the May revise and passed by the Legislature). It was the right thing to do. Arduin then left, the Governor began his initiative campaigns, and, in the next six months, the wheels fell off the fiscal… Read More