
Angelides makes the case for Arnold
Let’s begin with the premise that being called too conservative by Phil Angelides is like Paris Hilton telling you that you’re spending way too much time studying quantum physics. It’s not a particularly high threshold, coming from such a far end of the other side of the spectrum.
But Angelides may have inadvertently helped Arnold Schwarzenegger make the case for the fiscal responsibility of his bond proposal. After a long weekend of trying to figure out a way to criticize Schwarzenegger’s building plan without offending commuters, parents, residents of flood plains, and other desirable constituencies, the likely Democratic nominee for governor took a break from calling for tax increases on rich people to criticize Arnold for not spending enough on the bond package.
The key point that Angelides made is this: Schwarzenegger’s proposal actually decreases the average annual expenditure on bonds from the rate that has existed for the past five years. Since 2000, California voters have been passing $7.1 billion in new bonds per year. The governor’s bond package calls for an average of $6.8 billion in bonds. What… Read More