Sacramento Bee columnist Daniel Weintraub is clearly an admirer of Gov. Schwarzenegger. But he also has some sober views on the budget problems the state faces. He quotes with approval Democratic state Tresurer Phil Angelides on the problems with Schwarzenegger's proposal to fund current operating budget deficits with long-term debt:
<< In a jab at Schwarzenegger's Kennedy-family connections, the Harvard-educated Angelides said the governor's bond proposal amounted to "asking not what we can do for our children but what our children can do for us." He added: "There is no question that this deferral of hard decisions squeezes out critical investments in our future. Up until now we have used our bonding capacity to do important work: build schools, build transportation facilities, build urban parks, build the public fabric of a good quality of life that has helped make us economically competitive on the world scene.
<< "This bond, when it's all paid off by our children in 30 years, will leave us with nothing but a bill paid. Unlike a school that's being constructed, unlike a transportation project in which our children and grandchildren share in the benefit, our children and grandchildren get nothing out of this bond other than a tab which is stuck to them." >>
Weintraub then grumps a bit that it was Gray Davis and the Democratic-majority legislature that caused the current problem. But he also realizes that partisan grousing can't make the problem go away:
<< But the treasurer is correct to call on Schwarzenegger to use this extraordinary moment to engage the people of California in an honest discussion about what kind of government they want and how they are going to pay for it.
<< "This is the best time to do this," Angelides said. "If we cannot do it now, if we can't have a real debate about what kind of budget we want, then when can we have it?" >>
(Cont. in Part 2)
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