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October 29, 2006
Proposition 1B
This is a Bond initiative. I usually vote against Bonds on principle (actually, on interest. But never mind that). This year, I’m changing thing just a bit: if the Bond is to fund an ongoing project, I’ll vote against it. If it’s for a capital/infrastructural improvement, I’ll vote for it. The principle is this: Taking out a loan for my phone bill is absurd. Taking out a loan to fix my roof may well be necessary...
On the surface, this Bond seems to meet my criterion. Port Security is a major issue, and something for which we can legitimately issue bonds. Yet looking at where the money will actually be spent: US$11.250billion on road improvement, US$4billion on public transit, etc. These are good and worthy things. Yet they are ongoing issues, not capital improvements. We ought to raise taxes for this stuff. Taking out a loan simply costs too much over the long haul...
Posted by Andrew at October 29, 2006 12:04 PM