Imagine a family – we’ll call them the Smiths – who are financially successful beyond the dreams of most Americans.
They have all the trappings of wealth – a large custom home with a pool and a wine cellar; a ski chalet in the mountains and home at the beach; two expensive cars in the garage; membership at a private golf course; designer clothes; annual exotic vacations; all the latest toys and gadgets for their children – the list goes on.
Now imagine the Smiths have hit tough financial times – but not because of job losses or failing health; in fact both Smiths have received substantial pay raises and bonuses in the past five year.
No, their financial woes stem from overspending and poor planning. For every dollar they’ve earned, a $1.10 was spent.
The most likely means to eliminating their debt and building a savings is through selling off assets and cutting back on vacations, designer clothes and golf.
But the Smiths will have none of that. Instead they ask for their friends to bail them out. Of course, their friends are outraged. After all, the friends have acted responsibly by living within their means and putting money aside for retirement and a rainy day.
If this scenario sounds familiar it’s because the Legislative Democrats and the Governor are the Smiths and the taxpayers are the friends.
Taxpayers are indeed being asked to send more money to Sacramento to close a gap created by Legislative Democrats and the Governor’s poor fiscal management – spending every last dime received (e.g., taxpayers’ dollars) in good and bad times.
This is an outrage. The Legislative Democrats and the Governor should reconsider.
Before we ask innocent taxpayers to open their wallets even wider, let’s sell state surplus properties like the Los Angeles Coliseum, a 750-acre parcel in Napa County and the billions of dollars of other surplus California properties. Let’s sell assets like the Lottery that would do far better in the hands of private industry, while still contributing dollars to our schools.
And while we’re at it, let’s do what prudent households do and cut back on spending.
This plan is so logical, that even the Smiths might change their minds.