Free Republic

Even in the best of times, the three major bond proposals on the November ballot would merit a thumbs down. Propositions 1A, 3, and 10 would put taxpayers another $16 billion in debt to fund some dubious projects. Proposition 1A spends $10 billion as a down payment on a massive bullet train project. Promoters, which includes the company responsible for Boston's infamous "Big Dig" disaster, claim the project can be completed for about $50 billion. However, a just released study by transportations experts, which includes a former president of the High Speed Rail Association and a former member of the...

Propositions that are on the November 4, 2008 General Election Ballot* Bond MeasureProposition 1 SB 1856 (Chapter 697, 2002). Costa. Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century.** **Note: The Safe, Reliable High-Speed Passenger Train Bond Act for the 21st Century was originally scheduled to appear on the November 2, 2004, General Election ballot. Subsequently, Senate Bill 1169, Chapter 71, Statutes of 2004, provided that it appear on the November 7, 2006, General Election ballot. However, most recently, Assembly Bill 713, Chapter 44, Statutes of 2006, provides for the submission of this Act on the November...

Tom McClintock visited our editorial board and delivered a devastating analysis of the infrastructure bonds that changed my vote on 1B. (I was already opposed to 1C and 1D.) He noted that historically bonds were used to pay for major projects that last for at least a generation, under the theory that if it takes 30 years to pay off, the people here in 30 years should still be benefiting from it. He said that argument was crucial to rationalizing passing bonds, since, with interest costs, they end up costing $2 for every $1 spent. But McClintock said the highway-transit...