Well, no. It only makes sense to borrow when you are funding long-term capital expenditures. Borrowing to fund deficits is a seriously bad practice. They only do that in banana republics.
It will be interesting to see how Davis tries to blame all those filthy rich Republicans like Simon, who don't pay their "fair share" of state income taxes as the reason for Davis and the Special Programs to be victims of republicanism. Davis does have enough money to buy media time and spread lies, which is what he will do. However, hopefully, the truth will come out and he and his Democratic legislature will end up being hoisted on their own petard (sp?).
I've come to ONE conclusion---California 'fiscally impaired' Democrats be gone.
From a $10 billion surplus to a $20 billion deficit in 3 years. That's a $10 billion a year OVERSPEND in a state where balancing the budgets is mandatory. Sounds like they are going to 'balance it on the backs of our children'. At least that's what THEY claim when the President's surplus doesn't materialize.
"It's doable," said Sen. Steve Peace, D-El Cajon, chairman of the Senate Budget Committee. "You borrow and cut. You've got to come to the realization that a significant part of this will be borrowing."
Low interest rates and investors in search of high-quality government bonds makes that strategy particularly attractive, Peace said.
"This is when it makes sense to borrow," he said.
Of course thanks to Clymers like Steve Peace, Facist Davis and the king of tax and spend Burton, our Kali bonds are no longer high quality bonds. The last small for Kali general bond issue did not sell out last week.
I understand that Davis has ordered a tube of KY jelly for every democrat who has a retirement/investment plan with Cal Pers.
When Wall Street turns down the used electricity bonds to give a free electicity lunch to Kali Socialists, Davis will order Cal Pers to buy these loser bonds. Cal Pers will soften the blow to the state employees. Each member will get a tube of KY jelly and be allowed to use it liberally during the upcoming BOHICA Kali bond sale that no one will want to buy.
I have letters ready to go the managers of all our mututal funds with bonds, telling them not buy a single Kali used electricity bond. I will demand full disclosure if they buy any of these bonds so we can sell and go elsewhere to protect our investments.
We don't buy junk bonds from companies, countries, states, cities and the Facist State of Kali!
Conservatives across this nation should be letting their retirement fund mangagers and mutual fund managers to just say no to any all ready used electricity Kali Junk Bonds!
That sounds selfish, doesn't it. Well, frankly Scarlet, I don't give a damn. The laws of man, nature, and God gave me the resposibility of taking care of my children. I would starve so that they could eat, I would die so that they could live.
If the Pols want to do something "for the children" give me my tax money back and I, as their Father, will see to their well being..........it's my job anyway....not some federal bureaucrat! God made Fathers & Mothers because He didn't trust a disinterested party (read bureaucrat) to take care of the precious ones.
I have charity in my soul, and I would donate to take care of the less fortunate, but I can't now because I have to give it to the bandit of taxes! The system is out of control, and the middle class is realizing that. The time has come for the socialists to get out of the way. Giving a liberal politician money is like giving a bottle of whiskey and the car keys to a teenager. I would have more faith in the teenager!
Because people and businesses (tax payers) are leaving the oppressive atmosphere in the state and an ever increasing proportion of illegal aliens, sucking on the state tit, are coming in (tax takers).
Sure Mr. Peace (D-umbass), whatever you say.
Comments re Senator Peace, Governor Davis, et al--Check out ALL of item 2
"David Takashima, Peace's former chief of staff, now works for PG&E. His role includes steering campaign donations to candidates. Several years ago, Takashima left Peace to work for Edison. He returned to state employment to help Peace craft deregulation policy. Once the deal passed, Takashima left for PG&E.
"Peace's contributions from power companies outpaced any legislator and the governor, according to available records."