Financial nonsense wins out

California’s Assembly approved $5.3 million spending on salmon fisheries. Doesn’t sound to horrible in isolation, but. . . . 1. California is wrestling with a $14-20 BILLION budget deficit. Time for hard core prioritization. 2. The money to be spent comes from a water infrastructure bond approved in 2006. So the idea is to use debt to pay for a programatic expense, not for infrastructure. So we can pay interest on a one-time expenditure and benefit. Brilliant.

Adrian Moore

Adrian Moore, Ph.D., is vice president of policy at Reason Foundation, a non-profit think tank advancing free minds and free markets.