Friday, January 06, 2006
Another "Borrow and Spend" Republican
Arnold's got a great plan for California. Remember how he promised to bring back "financial responsibility" to a debt-ridden state? He's got a solution: BORROW MORE MONEY!!! I guess he's planning on paying back the loans by cutting taxes.
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Schwarzenegger proposes huge spending in key speechNot that issuing more bonds is a new idea - Arnie first floated it as a way to solve California's budget deficit right after getting elected. However, those bonds were supposed to be paid off by lowering future spending, not raising spending:
Thu Jan 5, 2006 9:21 PM ET
By Adam Tanner
SACRAMENTO (Reuters) - A year after picking a bitter fight with legislators that he ended up losing at the polls, Gov. Arnold Schwarzenegger unveiled a massive 10-year spending plan on Thursday aimed at winning back Californian support ahead of his November re-election effort.
New administration could find deficit bonds a strong optionSo, what's the difference between a "tax and spend" liberal and a "borrow and spend" Republican? The old-fashioned concept of "fiscal responsibility" springs to mind...
By Ed Mendel
UNION-TRIBUNE STAFF WRITER
October 12, 2003
SACRAMENTO – Will incoming Gov. Arnold Schwarzenegger deal with a projected state budget shortfall in the same way as outgoing Gov. Gray Davis, mainly through massive borrowing?
...
The speculation is that Schwarzenegger may propose $20 billion in bonds, perhaps with limits on future state spending and debt, that could solve the inherited budget problem and set a new course for the future.
