Curtain Comes Down On Budget Farce In Sacramento
Filed Under Country Curtain | Posted on September 21, 2008
Gov. Arnold Schwarzenegger and lawmakers know this crisis is coming. But Republicans and Democrats remain hopelessly divided on taxes and spending. They booted the can down the alley, as Schwarzenegger would say, on this budget, and are showing no stomach for the next one.
To head off next year’s fiasco, House Speaker Karen Bass, D-Los Angeles, has promised to name a tax commission to recommend ways to bring the state’s finances into the 21st century. That’s fine, but we have no faith in the Legislature’s ability to accomplish significant reform. It will have to come through the initiatives, championed by a coalition of reform and business groups and supported by a fed-up public.
Schwarzenegger also got his demand for a tighter rainy-day fund that will take full effect only after he leaves office. In principle, it’s sound. It will sock away 3 percent of revenue a year and allow transfers only in down years. But voters should take a hard look at its full implications before approving it on the ballot next spring. If it uses the current lean year as a baseline to lock in spending, it could indefinitely shortchange children and schools or fail to keep up with inflation.
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