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Every family knows it makes matters worse when you pay off one credit card with another.
The State of California is going to pay off its IOU's, with over $10 billion in new borrowing--at a time when the cash deficit is $16.5 billion and growing.
I had said, many times, that as soon as the Governor signed the "new" budget, the Treasurer would borrow $10 billion--and he has now announced he would. The new budget was NOT about ending the deficit--note they never said it was balanced. The real purpose was to borrow $10 billion--just as they did when the passed the "budget" in September, 2008 and February 2009--each time the Governor signed the budget, the Treasurer borrowed another $10 billion. Sounds like the name of our Treasurer is Madoff, not Lockyer.By borrowing money to pay off borrowed money is the worse way to handle finances. What will they do in October, when we run out of cash, again, and someone, other than bloggers, note the fraud of Sacramento.
When will some adult in Sacramento stand up and tell the truth? Borrowing money to pay for the IOU's is a disaster. Time to cut government, cut taxes, end the union control of government agencies. Get rid of the special interests, allow oil drilling and the revenues that come from the drilling.
Until we turn this State around, it will still be swirling around the porcelain bowl.
More...
The State of California is going to pay off its IOU's, with over $10 billion in new borrowing--at a time when the cash deficit is $16.5 billion and growing.
I had said, many times, that as soon as the Governor signed the "new" budget, the Treasurer would borrow $10 billion--and he has now announced he would. The new budget was NOT about ending the deficit--note they never said it was balanced. The real purpose was to borrow $10 billion--just as they did when the passed the "budget" in September, 2008 and February 2009--each time the Governor signed the budget, the Treasurer borrowed another $10 billion. Sounds like the name of our Treasurer is Madoff, not Lockyer.By borrowing money to pay off borrowed money is the worse way to handle finances. What will they do in October, when we run out of cash, again, and someone, other than bloggers, note the fraud of Sacramento.
When will some adult in Sacramento stand up and tell the truth? Borrowing money to pay for the IOU's is a disaster. Time to cut government, cut taxes, end the union control of government agencies. Get rid of the special interests, allow oil drilling and the revenues that come from the drilling.
Until we turn this State around, it will still be swirling around the porcelain bowl.
More...