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| During the Governor’s proclaimed “Year of Education,” his May Revision
cuts K-12 education funding by more than $4.3 billion. His proposal
borrows against the future, and includes a new state lottery scheme.
The Governor introduced another plot to borrow from the gas tax, future
lottery earnings, and various special funds.
The lottery
scheme gives Wall Street bankers dibs on California Lottery revenue, so
that education funding could stand to lose $1.2 billion in funding each
year, as lottery revenue slows in a sluggish economy.
After
publicly declaring that he has finally torn up the credit cards, the
Governor wants to borrow $7 billion (in addition to the $3.3 billion
borrowed mid-year) to cover our deficit.
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