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Is California living on borrowed time?

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Not a lot of attention has been paid to Proposition 53, a California ballot measure that would require the state to get voter approval for infrastructure bonds worth more than $2 billion. Zócalo Public Square columnist Joe Mathews says the measure is flawed, but still makes a good point about debt. The proposition is indirectly tied to an ongoing fiscal nightmare in Stockton, which declared one of the largest municipal bankruptcies in the nation's history earlier this decade. Prop. 53 is the brainchild of a Central Valley landowner and businessman who says the state is jeopardizing its future by borrowing beyond its means.

Photo: Rich Pedroncelli

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Joe Mathews

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