State Budget Headache

Mark Paul, former deputy treasurer of California, among other things, has a good point about all the money-spending initiatives on this November's ballot. "In a little-noticed report, Treasurer Bill Lockyer projected last year that, at current tax levels, California will not be able to pay for its existing programs and its debt service at any time in the next two decades if voters keep approving bonds at the same rate as they have over the last 20 years." There are six props (1, 3, 5, 6, 9, 10) that would effect the budget at the tune of "$2.7 billion a year in bond debt service and direct state spending," all without any way to pay for them. If a 13th one is added, which would be a water bond, that number jumps to beyond $3 billion.