Promoting the borrowing in Proposition 57 was one of Schwarzenegger’s first acts in office, and he pitched the measure as a way to avoid public service cuts and tax increases. The state had the lowest credit rating among all 50 states in the nation at the time, which added to the interest costs.
Critics, including then-state Treasurer Phil Angelides, warned that it was a mistake to shoulder long-term debt to solve short-term problems and could put the state in a more perilous financial position.
But thank God they were able to recall Governor Davis because he imposed a car tax . Which would have doomed California to —–.
Thanks Arnie! And who is laughing at Governor “Moonbeam” Jerry Brown now?