BerkeleyBob

California Bonds Downgraded Again

There's been some talk from good gub'mint types that a constitutional convention may be necessary to restructure revenue and expenditures. The downgrade of bonds is a) expensive in higher interest and b) a consequence of massive irresponsibility by Arnold and the legislature. The source of the problem of revenue is Prop 13, which benefits corporations and not granny's cottage and the 2/3 requirement to raise taxes. It is not environmental regulation. California was right on greenhouse gas and climate change, Bush and his ilk wrong.