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Paying for California's Debt by Issuing Bonds

November 13, 2003

Re "Massive Loan for State Weighed," Nov. 11: Even as he insists on keeping his campaign promise to repeal the increase in the vehicle license fees ($4 billion), Gov.-elect Arnold Schwarzenegger is looking to borrow $20 billion. Now, that's fiscal irresponsibility. All on the optimistic and probably unrealistic hope that things will only get better.

But what if things don't get better? What if jobs keep going overseas or getting eliminated by technological advances? What if the movie industry keeps moving to Canada and other places? What if people leave California rather than help pay back the $20-billion loan?

Joel Fox, former president of the Howard Jarvis Taxpayer's Assn., says that we must borrow now to avoid tax increases. I have news for you, Mr. Fox. If we borrow now we will certainly have tax increases later, when you find out the rose-colored glasses you bought to support a Republican borrowing plan are still fogged with smoke from our recent fires.

Brian Sheppard

Encino

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So this is Schwarzenegger's big idea to balance the state budget? Borrow $20 billion? I'm all for it, with one caveat: If you voted for Schwarzenegger, you should be taxed double for the next 20 years or so to pay this off. Further, you should be honored to do so, since as we all know the Republicans are the party of personal responsibility, integrity and strong moral character. Just send your check to the Franchise Tax Board, Sacramento, and you can be sure Schwarzenegger will put your money to good use. In fact, you can pay my share too because I'll be moving to Vancouver, where some semblance of political sanity still prevails.

Rusty Austin

Culver City

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Democrats just don't get it. There is nothing wrong with deficit spending or borrowing money. It's only wrong when Democrats borrow or run deficits.

Richard P. Young

Claremont

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