Doug Kaye: "Now the state is burdened with a huge municipal bond debt that it can only pay from the general fund or by issuing new bonds. This, in turn, lowers the ratings of California's bonds, and things just get worse and worse. When I grew up in San Francisco, our public schools were #1. Now they're #50. We have some of the highest taxes, yet some of the lowest levels of service. Why the gap? Our debt. And it's just getting worse."