Word: arnold
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...limiting spending cuts to about $5 billion. And what of the extra $17 billion in debt? Paper over some with rosy economic forecasts and accounting tricks, but borrow $15 billion to keep the creditors at bay. Yes, borrow in order to fund…borrowing. This comes after Arnold attacked Gray Davis in the recall campaign for the “fiscal mess” that his predecessor’s plan to borrow $10 billion would cause...
Apparently everybody’s heard of this Arnold Schwarzenegger fellow, my home-state elected governor...
Unfortunately, almost nobody sees that Arnold has already squandered his chance to meet California’s most serious challenge: paying off over $22 billion in debt—caused not only by the (Texas power company-induced) energy crisis, and the collapse of capital gains revenue from Silicon Valley, but also by costly voter initiatives, promoted by selfish special-interests, that mandated an uncontrollable spending explosion. By law, no California governor can touch the Prop 98-guaranteed 40 percent of the budget directed to an ineffective—and ever-growing—education bureaucracy, and the teachers?...
Rather than using his extraordinary popularity to fix California’s biggest problem, Arnold has used it to make the problem last longer...
...Arnold requested—and the Democrat-dominated Legislature passed—a bill that pushed Propositions 57 and 58 onto California’s ballots last March. And almost as soon as it became known that Governor Honeymoon supported them, both measures passed comfortably...