Is Schwarzenegger's Megabond The Right Way To Invest In Our Future?

California's Governor wants to borrow billions for infrastructure spending. Where's the plan, asks Rick Cole, city manager of Ventura, California.

1 minute read

January 4, 2006, 1:00 PM PST

By Chris Steins @planetizen

California Governor Arnold Schwarzenegger is expected to push for a $26 billion "megabond" for infrastructure spending in his annual "State of the State" address on January 5. Ventura City Manager Rick Cole argues that the move seems more aimed a "soundbite solutions" than a coherent investment strategy. With the topic now on top of Capital watchers list for 2006, the subject deserves deeper debate.

From the Op-Ed:

"Take Schwarzenegger's simplistic call for more roads and highways. Sunne Wright McPeak, his secretary of business, transportation and housing, has warned that throwing billions at expanding the freeway system encourages sprawl and congestion rather than fixing the problem: "As our state continues to grow, we must address the increasing air pollution, traffic congestion and 'dumb-growth pattern' that is hurting our economy and environment." We will be paying off the bonds for 30 years, long after the improvements are overwhelmed by the dumb growth they promote."

Thanks to Rick Cole

Read the full story: Beware of 'borrow and build'

Tuesday, January 3, 2006 in The Los Angeles Times

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