If California could print their own money, they would not have to propose fiscally prudent measures to save their children’s future as outlined below. We elect politicians in Washington that the political parties allow us to vote for but the reforms necessary to save our country and its moral foundation never materialize. The national debt has now reached the $16 trillion milestone and our attention is focused on the RNC and DNC conventions.
Our hope is that this time will be different and that the future will be brighter. As California hits their brick wall, the United States is actually entombed in its debt. Both candidates in this election have one thing in common: the Constitution of the United States will not be an impediment to increase their power.
From Business Week via Zerohedge:
California Treasurer Backs Law to Ban Costly Long-Term Bonds
California Treasurer Bill Lockyer will push for limits on bonds that have saddled school districts with debt payments as much as 10 times the principal and seek to ban those maturing more than 25 years in the future, a spokesman said.
Fifty-five California school districts issued such bonds last year, data compiled by Bloomberg show. The Poway Unified School District in San Diego County deferred all payments on $105 million in bonds until 2033. By the time they mature in 2051, the district will have paid $1 billion in interest.
“The capital-appreciation bonds need more transparency and better protections for taxpayers,” Dresslar said. “The goal is not to take away this tool for school districts. The goal is to make sure they wear protective gear when they use it.”