Volte Face: As recently as two months ago, California's governor, Arnold Schwarzenegger, passionately pushed for fiscal restraints and accountability. Rebuffed by the voters in last November's special election, he is now giving the people what they want and can ill afford: more, more, and more spending on pet projects. Yesterday, the governor outlined a 10-year $225 billion plan to improve and build new schools, courthouses, roads and water delivery systems.
How does the governor plan to pay for all these nice and shiny things? Borrow the money from Wall Street. Why prioritize when you can borrow. Why practice restraint when you can borrow. Why not cater to every interest group when you can borrow.
What happens when the bills come due? Well, Arnold, Maria and their gaggle of kids will be long gone from the statehouse when the invoices arrive in the mail. Why worry now when you can pass the buck to someone else and to the next generation.
In a way, we can't blame the governor. He tried to work with the legislators, and they rebuffed him. He went to the people, and they rebuffed him. Now he's just giving the uneducated voters of California what they deserve: fuzzy math, more debt and general fiscal sloppiness.
God help us all.
Jonathan Fairbank
Editor-in-Chief
THE FAIRBANK REPORT
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