If the previous posting is any indication of the shallowness of Davis's support, Ms. Gonzalez is not going to be a happy camper for long.
Former State Controller Kathleen Connell (D) penned an article for the SF Chronicle's Insight section that points out a few problems the Governor seems to have forgotten last Friday when made this remark:
Davis also attacked Schwarzenegger's claim in a new TV ad that California spends $29 million more each day than it is taking in. State officials say that under the new budget, which includes heavy borrowing, the state is bringing in about $6 million more each day than it spends."Arnold needs to take a refresher course in math," Davis said at the town hall.
Connell, who was State Controller from 1998-2003 is very familiar with the math Davis and his cronies used to cook the books, she wrote:
The state budget features at least $18 billion in borrowing this year. And since California's credit rating is the second-worst in the nation's history, taxpayers will pay enormous interest rates on the state's looming credit card charges. But if that's not enough, some of the borrowing may actually be illegal.
The Howard Jarvis Taxpayers Association has a Sept. 17 court date to challenge the state's use of $2 billion in bonds to pay its contribution to the retirement system. Other groups are considering lawsuits to block the sale of more than $10 billion in deficit bonds because Californians did not vote on the bonds, as required by the constitution
It gets worse, much worse:
If courts do block California from selling the bonds, things will get very ugly, very quickly, because there isn't a backup plan [ed: my emphasis]and there isn't much cash on hand. Schools, Medicare, law enforcement, recreation activities, and just about everything else -- will be immediately reduced, and the quality of such services will predictably suffer.
If the state does manage to sell the bonds, the recall winner will inherit a budget with an estimated deficit of $10 billion to $20 billion next year, plus all the debt the state has already piled up.
Connell believes:
But there is an answer. As first proposed by Reason Foundation and Performance Institute, the day after the election the winner should appoint a Budget Oversight Commission composed of 10 people, with two members appointed by each of the "Big Five" (the governor and each of the four legislative majority and minority leaders) in Sacramento.
Unlike the recent announcement by Gov. Gray Davis of a commission to be headed by former President Bill Clinton's chief of staff Leon Panetta, this broader commission would insist on the vital dialogue that must occur between the legislative and executive branches of state government if real reforms are to be agreed upon.
Fat freeling chance if Davis isn't recalled and/or Bustamante elected in his place. At this point it doesn't matter who is elected, the fiscal trainwreck is inevitable. Unless Sacramento gets a wakeup call, the outcome will be the same;a budgetary meltdown and social unrest.
Oh and one last thought for non-Californians who may be smuggly enjoying California's recall circus...it's your wallet Sacramento will be mining next. Can you say Federal Bailout?
Posted by feste at September 8, 2003 04:26 PM | TrackBack