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Posted on 08/31/2005 9:02:27 AM PDT by NormsRevenge
State Treasurer Phil Angelides, a Democratic candidate for governor in 2006, used a roomful of Bakersfield children and an odometer-style ticker Tuesday to draw attention to California's hefty debt.
The "California Debt Clock unveiling" inside a day care on South Real Road was just one of Angelides' stops across the state to express his displeasure with borrowing.
The clock, about the size of two taped-together pieces of poster board, read more than $25 billion debt in glaring red electric letters.
The clock also displayed the debt share amount for a family of four: about $2,700.
Angelides said Gov. Arnold Schwarzenegger's fiscal plan simply wasn't sound.
"We have been borrowing recklessly," Angelides said. "As this debt clock keeps ticking, our kids are taking a licking."
In June 2000, Angelides said the clock would have read "zero" when it came to budget deficit-related debt.
At that time, California had only debt for capital investments related to schools, parks, water systems and other projects: about $24.4 billion.
Nowadays, California's capital investment debt has nearly doubled to $42.4 billion, not counting the $25.2 billion deficit-related debt, according to Angelides' office.
Angelides said he really has a problem with debt not tied to long-term investment, noting that repayment of that chunk of money will exceed state support for the University of California.
But Schwarzenegger's changes have shrunk deficit spending to half of what it would have been, said governor's budget spokesman H.D. Palmer.
The fall 2003 projection of deficit spending for the 2006-07 budget was $16.5 billion, but Palmer said it's down to $7.5 billion under the governor's plan.
Palmer said Schwarzenegger increased funding for education and transportation.
At the same time, the governor championed ballot propositions to change previous borrowing habits.
"The doors of borrowing have been systematically closed under this governor," he said.
California Debt Clock
It takes a c'Rat kicking and keeps on ticking.
Rome burns while legislators ladle out the dough, borrowed, stolen, or otherwise.
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
Phil Angelides' solution is to raise taxes and increase spending.
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Of course. He is an f-ing socialist like the rest of the mob running California. Tax and spend = power -- regardless of the massive damage it has done, and continues to do to California (or any state the liberal stench gets to)....
Most of it run up by Gray Davis and the Democrats.
What does Angelides propose to cut in order to bring down the deficit? Deficits are only what they are in California because Assembly Democrats have fought tooth and nail every attempt by Schwarzenegger to cut budgets even more to bring down deficit numbers even further. So what would Phil cut? This should be Arnold's campaign slogan. Or better yet "What tax would Phil hike?"
Sorry Phil, unless you can tell us what programs you would cut or what taxes you would raise, you're just pissing into the wind on deficits.
And where was he when Gov Grey was in town?
Oh, that's right, campaigning for him...
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