In response to:

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

Jerome49 Wrote: Aug 08, 2012 2:50 PM
None of our politicians give a damn what anything costs. That's the real problem. Even if proposed legislation included the initial and ongoing costs, it mostly likely wouldn't make a difference because legislatures don't read the bills they vote for. Obamacare, now estimated to cost nearly $2 trillion annually, was a prime example of legislators not reading what they voted for. Many even resented being criticized for not reading the proposed law. Reportedly the Senate was given a three hour period to read the 2,400 page law before voting on it. But vote on it they did, even though two of our Senators, namely Mary Landrew,D-La and Ben Nelson, D-NB, had to be bribed into doing so. The Republicans should have offered them more.

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...