California Legislature Seeks $10 Billion in Bonds to Address Budget Deficit and Climate Change

The California Legislature has passed a pair of $10 billion bonds to address the state’s budget deficit.

California Legislature Turns to Voters for Help

The California Legislature has passed a pair of $10 billion bonds to be placed on the November ballot to address the state’s budget deficit. The funds will be used to build new schools and prepare for climate change, according to the report of KQED.

Risks of Borrowing

Asking voters for permission to borrow large sums of money is risky especially when doing it multiple times in the same election. Voters rejected a $15 billion education bond in 2020 and narrowly approved a $6 billion homeless bond earlier this year.

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(photo: CityNews Kitchener)

Supporters’ Argument

Supporters argue that voters are savvy enough to recognize the need for investment in education and climate resilience citing the long waiting list of projects worth over $3 billion.

Critics’ Concerns

Critics argue that voters perceive they’re not getting value for their dollar and that the bonds would benefit wealthier school districts at the expense of poorer ones.

Climate Bond Focus

The climate bond focuses on improving water supply and preparing for wildfires which have become a growing concern in California.

Education Bond Negotiations

Negotiations over the education bond have been ongoing with some critics arguing that it would benefit wealthier school districts at the expense of poorer ones.

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