State Bonds
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Re “The Push for Bonds--How Much Debt Is Too Much?” Feb. 23:
The stated need for $80 billion in new construction over the next 10 years presents an interesting challenge to the balance between historical physical needs and social demands placed on the state through fairly recent unfettered immigration. The “bonding” problem could end up being quite an economic cross to bear by the investing taxpayer: increased taxes to pay for bonds that may suffer reduced ratings.
When the math is run on the cost of servicing the immigrants in this state, using the data from the National Research Council, it multiplies out to a yearly total of approximately $20 billion.
Assuming reasonable accuracy in these two forecasts, one does not have to be a rocket scientist to accurately assess the problem produced by California’s absorbing 40% of the legal immigrants arriving from Third World countries since the federal government changed the rules back in the mid-1960s.
JACK NEWBY
Los Angeles
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