The national debt increases more than $10 million every second
Voters confronting candidates and ballot measures this November should know that excessive government debt, at the national, state, and local level, should be getting a lot more attention than it does now.
To recap, there are two statewide bond proposals of $10 billion each. Proposition 2 is a $10 billion statewide school bond supported by developers in the naïve hope that it will reduce the pressure for even higher “impact fees” imposed by government entities as a condition for residential construction. Proposition 4 is a $10 billion “climate bond,” a mishmash of projects that have absolutely nothing to do with the climate.
Even worse, Proposition 5 is retroactive so the lower vote threshold applies to the massive $20 billion BAHFA bond appearing on the November ballot. Voters who mistakenly believe that the two-thirds vote for local bonds will apply to local bond measures this election are in for a rude awakening if Proposition 5 passes. Going forward to all future elections, Proposition 5 will indisputably open the floodgates to higher property taxes.
California’s political leadership needs to rethink this pursuit of more debt. First, according to Statista, a global data and business intelligence platform, California had about 541.24 billion U.S. dollars of debt outstanding in 2021, the most out of any state. But that figure is at the low end. According to the Hoover Institute, California’s state and local government debt is roughly $1.6 trillion, which includes a proper accounting of the state’s unfunded liabilities.
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