Proposition 130
In its editorial about Prop. 130 (“Conservation at Its Very Best,” Oct. 9), The Times left out an important part of the story: Prop. 130 will cost taxpayers $1.3 billion. That’s billion with a capital B.
Proponents of 130 seem to think that bonds are free money. In fact, bonds are the most expensive way to finance government. For every dollar in bonds issued, taxpayers pay almost another dollar in interest.
There are just two ways to pay for this $1.3 billion: a tax increase or a reduction of vital services such as education, health care and law enforcement.
At a time when many counties are on the verge of bankruptcy and are cutting back on health care and law enforcement, we just cannot afford Prop. 130.
And who will receive most of the bond money we pay for? Corporate raider Charles Horwitz, the owner of Pacific Lumber Co., will get most of our money because 130 will purchase his forest. He’ll probably use it to pay off his junk bonds.
JAY CURTIS, President, Los Angeles County Taxpayers Assn.
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