| California's Growing Crises |
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| Friday, 16 November 2007 | |
California Debt Nightmare Will Hurt FamiliesGovernor Schwarzenegger and the liberal legislators have been warned by the nonpartisan legislative analyst, Elizabeth Hill, that Wall Street will lower California's credit rating and increase the costly interest rates of the current $86 billion in bonds we voted for. Bonds are the most expensive way to finance a project, costing taxpayers about $2.00 for every $1.00 spent. Right now, each $1 billion of new bonds, sold at 5% interest, adds close to $65 million annually to the state debit costs...for as long as 30 years. Property Tax Relief?Question: Will a politician step forward to help homeowners lower their assessed values as the value of their house is falling? |
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