Thursday, November 06, 2008

What Did Walker Actually "Win"?

The Milwaukee County Board has invited Scott Walker to hang himself.

The Milwaukee County Board handed County Executive Scott Walker two victories today with multi-million-dollar, long-term implications.

The board authorized a $400 million, 30-year borrowing plan aimed at paying down and stabilizing the county's $700 million pension debt - a new version of an idea resisted by the board in previous years as too risky. The county hopes to save millions of dollars by borrowing the money at about 6% and investing it at 8%.

The JSOnline refers to this as a "win" for Walker.

It may be--assuming he can borrow at 6% and earn 8%. But "earning 8" these days is more than difficult.

And it may be possible for Milwaukee County to borrow at 6--but even the Elmbrook School District can't get better than 4.5% borrowing-rate these days. This should be, ah,.....interesting.

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