Be sure to thank those Republican politicians and operatives who helped recall Governor Gray Davis in 2003 and gave us Governor Terminator.Ã‚Â This story from Bloomberg News shows that California is actually worse off today than we were under Governor Davis.
As the most populous U.S. state, with a gross domestic product that’s No. 8 in the world, California is so strapped for cash that it must consider a short-term, $10 billion loan to cover its bills. The widening deficit means the financing may be about 0.85 percentage point more expensive than five years ago, when Davis lost his job over a budget gap twice as large as the $17 billion deficit the state now faces. That’s an added $8.5 million on every $1 billion borrowed.
While banks also are charging as much as four times more for lines of credit to back the debt, the state’s plight can’t all be blamed on Schwarzenegger any more than he could blame Davis five years ago.
The story notes that California started 2007 without a budget deficit and by the end of they year, we were in a financial emergency.
So where’s the thunder cry from the right wingers out there for a recall of this Governor? All those reasons that they used to justify yanking Gray Davis are even worse today.Ã‚Â Why not a recall? Or should Arnold start fundraising for a run at the US Senate?