The Morning Report
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Thursday, Sept. 7, 2006 | One of the “sleepers” on the November ballot is the most costly bond issues ever proposed to voters, Prop. 1B.
This measure is labeled as a traffic congestion and air pollution reduction measure, but more freeways to new developments in remote areas can only mean more driving, smog, and in time, these freeways will be as congested as the others.
Prop. 1B would cost each Californian over $1,000, as its total cost is some $40 billion.
Borrowing is so costly that half of all the money spent isn’t even spent on transportation at all. Half of that is interest to the financial institutions, which would lend the money for a profit.
California already has a $4 billion on-going deficit, which nobody seems to want to talk about.
Prop. 1B will increase costs by $1.3 billion each year. Will we raise taxes or reduce current priorities to pay for it?
Government, like individuals, wants to have it now and pay later, but we should consider a pay as you go system instead.