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Memo to the bond market

By Jonathan Simor

Ok, I know nothing about bonds (its basically a loan, right?), but I have watched California prisons grow steadily over the second half of my now 50 years. While it looks certain that the California legislature will pass, and the governor sign, the complex budget compromise (read the SFChron coverage), if I were loaning money to the state on the basis of there budgetary projections, I would start worrying now. Specifically, 1.2 billion in savings in the fiscal year is promised from cuts to the Department of Corrections and Rehabilitation. Republicans initially balked at voting for the overall package if it included the corrections cuts which assumed prisoner populations reductions (the dreaded early release). They compromised at voting for the 1...continue to full post

Full post as published by Governing Through Crime on July 24, 2009 (boomark / email).