Sunday, November 05, 2006

Boondoggle

There are some fairly seductive propositions on our California ballots this election. They read appealingly about improving our infrastructure, schools and housing. In reality, they are bond issues that mostly benefit contractors and wealthy investors. The money that did find its way into works described would eventually have to be paid to the bond buyers at roughly twice the cost of the original solicitation. And twice the price, in other words of what it would cost to simply raise the money through taxes.

Unfortunately, most Americans have a negative knee-jerk reaction to that word--taxes, which causes them to pay more more in the long run for decent services to the community.

Look carefully at your propostions descriptions and don't contribute to the bonddoggle.

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