Lest you think that the failure of political leaders to reach an agreement on balancing the budget is so much tears and flapdoodle, state Treasurer Bill Lockyer points out that if the state is forced to issue IOUs and its infrastructure bonds in turn are downgraded by the credit ratings agencies to a BBB-plus level, it could cost California an additional $8 billion in credit costs on its public works bonds.
How much is that? Lockyer says it's:
Â· More than the total combined amount the state spent on the University of California and California State University System last year.
Â· 52.5 times the amount spent on state parks in a year.
Â· More than it would take to give taxpayers a 15 percent cut in personal income taxes.
That's a lot.