Can You Say, “Moral Hazard”?

Despite the fact that his state was facing a $15 billion deficit (and the fact that he vowed not to sign any laws until the legislature solved the deficit crisis), California Governor Arnold Schwartzenegger signed legislation to put high-speed rail on the ballot on August 26. If voters approve, this bill will immediately add at least $650 million to the state’s annual deficit, and in the long run (assuming voters later decide to build more than from San Francisco to San Jose) much more.

Last week, on the eve of House passage of the $700 billion bailout bill, Schwartzenegger sent a letter to Treasury Secretary Paulson warning that California will need its own bailout soon. Supposedly, this is solely due to the credit crunch. But if the state were not spending so much beyond its means, it wouldn’t have this problem.
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This suggests that voters can approve the high-speed rail proposition this November with complete confidence that, when California defaults on the bonds, the U.S. will step in and bail it out. If the measure passes, federal taxpayers can look forward to adding at least $10 billion, and possibly $430 billion, to their future obligations.