CALIFORNIA FOCUS
FOR RELEASE: FRIDAY, MARCH 17, 2017, OR THEREAFTER
BY THOMAS D. ELIAS
“CHIANG A DIFFERENT KIND OF CANDIDATE FOR GUV”
FOR RELEASE: FRIDAY, MARCH 17, 2017, OR THEREAFTER
BY THOMAS D. ELIAS
“CHIANG A DIFFERENT KIND OF CANDIDATE FOR GUV”
If there’s one quality shared by
several of the leading candidates to succeed Jerry Brown as governor, it’s
flamboyance. No one ever accused Lt. Gov. Gavin Newsom, the former mayor of San
Francisco, or ex-Los Angeles Mayor Antonio Villaraigosa of being boring.
The same for financier Tom Steyer, who
has spent many millions pushing green, environmental causes, often
centering cause-oriented commercials around himself.
So it’s no wonder these three and San
Diego Mayor Kevin Faulconer, the most prominent Republican prospect for
governor next year, are the early leaders in the polls, even though no one yet
approaches even 30 per cent support in any respectable poll.
But the other major office-holding
Democrat in this race, state Treasurer John Chiang, brings a different
approach. He’s not about bling, but concentrates on policy. He’s also shown he
can be tough on his fellow politicos, regardless of party.
He proved this in 2011, after voters
passed Proposition 25, which requires legislators to pass a balanced state
budget by each June 15, or see their salaries and expense account checks
abruptly halted. No legislator thought this would ever actually happen, because
the state controller is one of them, an elected politician.
But Chiang, then the controller,
announced on that June 22, with lawmakers a week past the deadline, that he
would dock their pay. He did, the average legislator impacted to the tune of
about $400 per day. A balanced budget quickly followed and the lawmakers have
been on time ever since, after almost a decade of consistently late budgets.
So it’s not very surprising that
Chiang, who trailed badly in the early polls, is not approaching California’s
many conflicts with President Trump in the same way as his fellow candidates,
who have loudly decried many of the new federal administration’s moves but so
far done little about them.
Knowing that Trump and his Secretary
of Energy, former Republican Texas Gov. Rick Perry, deny the science behind
global warming and the many measures California has adopted to combat it,
Chiang realizes the federal loan guarantees that have enabled most solar and
wind energy projects are bound to dry up soon.
So he’s pushing “green bonds” as a
substitute. By that, he means bonds issued by corporations, cities or states to
finance climate-friendly projects. Rather than lending money easily because of
a federal loan guarantee in case a planned project goes belly up, lenders,
borrowing companies and local agencies will have to vet proposals very
carefully.
“Because of California’s record in
making these projects succeed, and the state’s mandate for producing more and
more renewable energy, the market for this kind of bond will accelerate,” says
Chiang, whose current job sees him promote California state bonds to the
world’s leading financiers. “We will have big investments from Europe and China
in this; we’re not looking just at the pool of investors in the U.S., but the
world.”
Chiang maintains bond money going to
green projects with solid profit prospects “will eventually grow to more money
than has been enabled by federal loan guarantees. There is a huge interest
around the world in American projects, and people are looking to California for
leadership. There are many billions of dollars out there.” For sure, this kind
of leadership will not emanate from Washington, D.C. for at least the next few
years.
Chiang has quietly done this kind of
thing for the last decade, as controller and then treasurer. He’s aware that if
voters think of him at all, it is as a technocrat.
“We have to communicate more,” he
said. And he had more than $7 million on hand in February to help him start
doing that. “I will offer solutions to the state’s other problems just like I
am now with the green bonds, as ways to move forward with or without support
from President Trump.”
Chiang also thinks California should
pick its fights carefully, and should shun the idea of California independence.
“California needs to be doing things to produce prosperity for us all. Pursue
independence and things like water, pension debt and other problems would not
get solved.”
This kind of practicality could make
Chiang effective as governor. But first, he’ll have to get past the technocrat
image which his solid ideas ironically tend to reinforce.
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Email Thomas Elias at tdelias@aol.com. His book, "The Burzynski Breakthrough, The Most Promising Cancer Treatment and the Government’s Campaign to Squelch It," is now available in a soft cover fourth edition. For more Elias columns, visit www.californiafocus.net