March 2, 2004 > Vote No on Props 57 & 58
Vote No on Props 57 & 58
There is something fundamentally wrong with the support for Props. 57 and 58. Please urge everyone you know between now and the 2nd to vote no on both. There is no indication as to how this debt will be repaid. What is the revenue fund source? What is the current interest rate? What new rate will exist after we finance the debt? What is the repayment period? What safeguards are there to assure that what we think will happen does happen? What has been said, is that the money will be repaid at the rate of around $1.2 billion per year for nine to fourteen years. At nine years only $10.8 billion will be repaid. At fourteen years repayment will be $16.8 billion. We all know there is interest on loans. It is impossible to repay $15 billion in nine years at the rate cited. Everyone is recommending yes votes because no one wants take responsibility for making hard choices as to what are appropriate service priorities. After twenty-six years in government, (a lot of time spend in the budget arena), I know that there is tremendous waste and inefficiency as well as many dumb ideas serving as solutions.
Fourteen years from now looms the year 2020. My daughter is now 13 years old. She will be twenty-seven in 2020. She will still owe for the folly of today. Most of us will be living on fixed incomes at that time. Some of us won't be here anymore. Most of the political leaders of today will escape the consequences of their actions. There are many other alternatives. Props 57 and 58 are not even close to the best ones.