Tuesday, June 24, 2008

Then there's California...

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Governor's bond plans add to debt

Since his election in 2003, Gov. Arnold Schwarzenegger has helped persuade voters to let the state borrow more money than it did in the previous 30 years combined.

According to state figures, the amount of voter-approved bonds has more than doubled – from $70 billion in 2003 to $144 billion today.[snip]

The more the state borrows, the more the state has to set aside each year to pay debt. It's a commitment that has siphoned off general fund money that could otherwise go toward public services such as law enforcement and health care.

California's debt burden as a percentage of personal income has nearly doubled since 2000. In 2008, the state's debt accounted for 4.3 percent of personal income, compared with 2.4 percent in 2000, according to Moody's Investors Service.

California now ranks 10th among states in debt burden per capita with $1,685 worth of debt for every man, woman and child in the state...
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Flurry of state fees - new or higher - pushed as budget boost
Californians would pay higher traffic ticket, parking, car registration, property insurance and other fees under dozens of proposals flying around the Capitol. Whether taxes ultimately are raised, state officials are looking to cut a $15.2 billion deficit by increasing other revenue...

[and thanks to the gerrymandering that occurred after 2000 {which, ironically, Schwarzenegger tried to fix with an initiative that failed}, virtually all of our incumbents will be re-elected dispite their continued mismanagement of the state]
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