Foolish California Bonds Put Taxpayers at Risk

If you had just won the lottery, would that be a good time to go further into debt or would it be smarter to pay down the debt you already have?

Most Californians would like very much to be debt-free, and the thought of being able to pay off their mortgage, car loan and student debt is surely attractive.

In some respects, thanks to the forced generosity of California taxpayers, California has won the lottery.

Our highest-in-the-nation tax burden has left our treasury full with billions in surplus revenue.

One would think that with all that revenue, our elected leadership would be a little more circumspect in taking on new debt or at least manage the debt we have more effectively. But this is California.

The Golden State is awash in debt consisting mostly of unfunded pension obligations. Unfortunately, our leadership continues to press on the accelerator in taking on new debt.

To read the entire column, please click here.

Comments

  1. incompetence reigns in Sacramento.
    They care not for the Citizen or for the financial condition of the State.
    There goal is to build their own legacy and reputation.
    But, that legacy, that reputation will soon be written in the history books as them being the most incompetent legislature and governor.
    Problem? Californians get to pay for their mistakes.
    That highlights the responsibility of voters. Either vote intelligently or don’t vote at all! A vote that underscores that maybe you are a moron does no one any good, except you get the government you voted for!

  2. When you say the state has billions of dollars of surplus does that include the more than trillion in pension shortage? The last time I checked Cal debt is in the top three of all the states. So tell me again about the surplus we have. I have found the best thing to do with a bond measure is to vote no every time.

  3. Owing on pensions is not being out of debt. If I’ve paid off the mortgage on my house but still have a balloon payment at the end……..I dont own my house.
    Vote NO one every bond and every tax hike……….there is no difference.

Speak Your Mind

*