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Arnold was a liar, from the start. ""Here's my plan," an earnest Arnold Schwarzenegger said in one of his most detailed TV ads during the 2003 recall campaign.”Audit everything. Open the books. And then we end the crazy deficit spending."
He never did this--he never even tried. He said he would borrow $15 billion to fix the State government. "That figure does not include some of the most hotly debated borrowing: the 2004 Proposition 57 "deficit bonds" that Schwarzenegger cast as "economic recovery bonds," which totaled $15 billion. That debt payment, now ensconced in one of those only-in-Sacramento budget maneuvers (the "triple flip"), reflects a very early decision by Schwarzenegger to embrace and enlarge a deficit borrowing plan from his predecessor, rather than cut spending or raise taxes to the needed levels when he took the oath of office.
The governor's characterization of the borrowing was also unique. "It's not new borrowing, it's refinancing," he said in a February 2004 appearance on a radio talk show in San Diego. But it was, in the end, new borrowing -- so much so that the final $3 billion in "deficit bonds" weren't sold until 2008, long after Schwarzenegger inherited debt. The $15 billion obligation, once expected to be paid before he left office, is now scheduled to be on the books until 2017."
Not only did he not pay the money back--but during his tenure he created (signed into law) over $165 billion in deficits. These are Bernie Madoff size number.
Arnold needs to donate his entire estate to Sacramento; he needs to apologize for his ego driven amateur years in the Capitol.
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He never did this--he never even tried. He said he would borrow $15 billion to fix the State government. "That figure does not include some of the most hotly debated borrowing: the 2004 Proposition 57 "deficit bonds" that Schwarzenegger cast as "economic recovery bonds," which totaled $15 billion. That debt payment, now ensconced in one of those only-in-Sacramento budget maneuvers (the "triple flip"), reflects a very early decision by Schwarzenegger to embrace and enlarge a deficit borrowing plan from his predecessor, rather than cut spending or raise taxes to the needed levels when he took the oath of office.
The governor's characterization of the borrowing was also unique. "It's not new borrowing, it's refinancing," he said in a February 2004 appearance on a radio talk show in San Diego. But it was, in the end, new borrowing -- so much so that the final $3 billion in "deficit bonds" weren't sold until 2008, long after Schwarzenegger inherited debt. The $15 billion obligation, once expected to be paid before he left office, is now scheduled to be on the books until 2017."
Not only did he not pay the money back--but during his tenure he created (signed into law) over $165 billion in deficits. These are Bernie Madoff size number.
Arnold needs to donate his entire estate to Sacramento; he needs to apologize for his ego driven amateur years in the Capitol.
More...