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Edward Ring

How Labor Money Undermines the Financial Literacy of California’s Legislators

“In an era when we aren’t going to have tax increases, figure out how to be more efficient spending the money we’ve got, and the Republicans can help you do that if they’ll get off the philosophical cant about stuff and help you make things more efficient. They actually culturally know more and occupationally know more about efficiencies than Democrats typically do.” – California Treasurer Bill Lockyer, Democrat,addressing the state legislaturein 2010.

What was Lockyer thinking? As one of the most plain spoken and financially astute politicians California’s got, and as someone who has been around the capitol for decades, he certainly knows a thing or two about Republicans and Democrats. Did Lockyer make a fair generalization? And if so, what are the causes, and what are the consequences?

“They actually culturally know more and occupationally know more about efficiencies than Democrats typically do.”

To explore the basis for Lockyer’s assertion, the biographies of California’s state… Read More