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Editorial: Will governor cave on budget?



Friday, September 19, 2008
Story appeared in MAIN NEWS section, Page A16
Gov. Arnold Schwarzenegger appears to have blown a chance to snatch victory from the jaws of defeat.Going into Thursday, voters were outraged at the despicable spending plan lawmakers passed in the dead of night Tuesday. Many were contacting legislators and insisting on a fix that didn't depend on borrowing, falsehoods and accounting tricks.This outrage created political capital for the governor and provided an opening for him to veto a bad budget and press for a more responsible one. But instead of seizing his moment, Schwarzenegger now seems close to agreeing to a revised deal that could add to the fiscal harm California faces next year, and the year after that.

As the public is well aware, the budget passed Tuesday sought to close a $15.2 billion deficit through real cuts, phony revenue schemes and billions in real borrowing.....


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Budget


It doesn't take long to destroy faith. They used to call them "panics" or runs on the banks. It only takes some kind of a little scare, like the last crash, the Stock Market crash of October '87. That didn't quite do it because it didn't hit the poor, it didn't really hit the lower middle class. It just hit the guys that were living too high & on too much gravy & thought it would never end. It just wiped out some of the yuppies & the brokers & the youngsters that you see yelling & screamin' & wavin' on the floor of the Stock Market. It didn't wipe out enough people to bring on the really big one. It just wiped out those gamblers who were making too much money. They got theirs. But next time it will hit middle America & lower middle America, all of the people who are living too high & robbing the rest of the World with their high tariffs on the products of the poor so that even their own poor have to pay too much.
Ted Rudow III,MA