State Budget Shortfall
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Pollyanna partisans of a constitutional amendment to mandate a federal balanced budget have no duty to come forward with plans to help Gov. Wilson and the Legislature draft a balanced budget for fiscal 1992-93. But if they have any ideas they ought to share them.
Obviously, the feds can’t help; their actions cost us $1 billion in daily interest. Our national debt increases by $400 billion or more each year.
California’s fiscal 1991-92 budget cut spending, devoured snack taxes and bottled water, but still came up about $4 billion short. Add that deficit to a shortfall of about $6 billion for fiscal 1992-93 and anyone sees our problem budget needs resuscitation.
Not to worry. A number of legislators have proposed a novel and painless method to balance the state’s budget. They propose to spread the deficit over two years. A two-year budget balances fiscal 1992-93 and spreads deficit payments over 24 months. This program replenishes wealth. If deficits continue to rise and revenues fall, the two-year budget precedent opens budgetary gamesmanship to three- or four-year budgets.
Problem budgets? No problem. God bless the wizards of Sacramento.
JIM SKEESE, San Diego
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