In today’s CALMatters piece, Dan Walters turns the readers’ attention to the evils of “easy money.”
As he details, “easy money” is typically yet to be collected, and often based merely on projections of what will be collected in the future. The prime example of this potential income, and lawmakers willingness to spend it without any guarantees, are the proceeds collected by cap-and-trade auctions.
Similarly, Walters characterizes bonds as equally, if not more, tempting for elected officials, who can reap the immediate benefits of bond proceeds without dealing with the years or decades of taxation and its effects.
For more, read Walters’ take here: California politicians lured by easy money, but somebody must eventually pay