Budget Analyst Rips Lottery Borrowing Scheme

Yesterday I wrote that the Governor’s plan to borrow from future lottery revenues is a risky gamble — yet another scheme to put off the need to ask corporations and the wealthy to pay their fair share of taxes.
The Legislature’s budget analyst doesn’t like the scheme either. From Monday’s Sacramento Bee, Governor’s lottery plan could hurt school funding, analyst says,

The Legislature’s budget analyst on Monday called Gov. Arnold Schwarzenegger’s lottery proposal “flawed” and warned lawmakers that money for public schools could fall short of current levels under the plan.
… Currently, lottery profits benefit public schools, from kindergarten to community colleges. Hill wrote that the Schwarzenegger administration made “overly optimistic” assumptions about the potential growth in lottery sales. She warned that public education funding “would fall well short of their current levels — perhaps by $5 billion over the next 12 years combined.”

Back to the drawing board.