In response to:

Only in California: Borrow $100 Million to Owe $1 Billion

Don11350 Wrote: Aug 08, 2012 2:12 PM
I don't know when my fellow Californian are going to wake up. Democratic Party is not good for health of the state or you. If a liberal is running and promising a sorts of goodies, just walk away. But, since I know most Californians are idiots, they will keep voting Democrat even after the state goes bankrupt and the lights are turned off.
jtorguson Wrote: Aug 08, 2012 5:03 PM
The problem is that too many of your fellow Californians have already woken up.... and fled the state. I saw what was happening years ago and MOVED.

It will not begin to get better until after the lights are turned off
Jerome49 Wrote: Aug 08, 2012 2:33 PM
You said it, they are idiots, at least the ones who will be stuck paying the bill are. It is much more likely that Californians will be devastated by their voting habits long before they are by San Andreas fault.

Poway California, population 47,811 as of 2010, has placed an enormous bet on rising home prices and tax revenues. Poway borrowed $105 million but will not start to pay that amount back until 2033 at which time they will owe $877 million in interest.

Clearly this would be fiscal insanity anywhere, but it is especially true in California given Proposition 13 that caps property taxes.

The Voice of San Diego reports Where Borrowing $105 Million Will Cost $1 Billion: Poway Schools

Last year the Poway Unified School District made a deal: It borrowed $105 million from investors to fund a...