Kevin's Weblog

Proponents claim that Prop. 58 makes sure that the deficit refinancing bond is a 1-time thing that can never happen again. The problem with this logic is that the existing state constitution already forbids it from ever happening. 58 is an attempt to circumvent the clear intent of the constitution that long-term borrowing be used only for physical works. In no way does it realistically make this a 1-time event; on the contrary, it sets a precedent for doing exactly the same thing again if we get into trouble.

At the same time, no one (well, no one except Gray Davis) has seriously proposed to address the structural problems in the state budget. Arnold's "tough cuts" so far total $1 billion on a $15 billion deficit. How are we actually supposed to believe that we aren't in for another massive deficit next year?