Proposition 1A | Rebuttal to Argument in Favor | Proposition 1A | Rebuttal to Argument Against |
Class Size Reduction Kindergarten-University
Public Education Facilities Bond Act of 1998.
Argument against Proposition 1A
Arguments on this page are the opinions of the authors and have not been checked for accuracy by any official agency.
Proposition 1A will cost taxpayers $9.2 billion in principal and $6.0 billion in interest--a total of $15 billion over the life of this bond.

Yes, taxpayers will be obligated to repay $15,000,000,000.00!

And here's the real tragedy: the politicians could easily have used the state surplus for immediate pay-as-you-go school construction. Paying for all of this year's school needs from surplus funds would have saved California taxpayers $700 million in interest costs alone. Instead, they spent the surplus on political pork projects for their districts, and now want to stick taxpayers with billions of dollars in interest costs.

The approval of this bond means that almost five cents of every state tax dollar will be consumed by debt service--twice the rate of a decade ago.

As economies around the world struggle to regain sound footings, this is not the time to start California down the road to massive, huge crippling debt service. Passage of this measure would take debt service in California perilously close to the 5.4 cents per dollar in debt payments, which caused national credit rating agencies to reduce the City of Philadelphia to junk bond status.

In the 1950's and 60's, when the population grew twice as fast as today, Californians financed their school construction needs through local bond measures and pay-as-you-go financing. Instead, today's profligate politicians have run up record levels of debt that guarantee higher taxes and crumbling infrastructure for many years to come.

If the politicians were serious about building more schools, pay-as-you-go financing would build 70 percent more for the dollar than will this bond.

A "NO" vote will force legislators to behave responsibly and enact pay-as-you-go financing and cost containment measures.

ASSEMBLYMAN TOM MCCLINTOCK

LEWIS K. UHLER
President, National Tax Limitation Committee

EDWARD J. "TED" COSTA
C.E.O., People's Advocate Inc.

Proposition 1A | Rebuttal to Argument in Favor | Proposition 1A | Rebuttal to Argument Against |