shortfall

The disruption in the Strait of Hormuz has cut access to one-fifth of the world’s oil and gas supply, leaving many countries scrambling for alternatives.

So what can they rely on to make up for the shortfall in a quick time?

Many Asian countries are turning to coal, reopening shuttered plants and expanding production.

Policymakers say immediate energy needs supplant environmental concerns.

Others are hoping to turn to renewables. Solar power is now the cheapest form of electricity in many parts of the world. But renewables, especially wind, have faced hostility from the Trump administration.

Pollyanna partisans of a constitutional amendment to mandate a federal balanced budget have no duty to come forward with plans to help Gov. Wilson and the Legislature draft a balanced budget for fiscal 1992-93. But if they have any ideas they ought to share them.

Obviously, the feds can’t help; their actions cost us $1 billion in daily interest. Our national debt increases by $400 billion or more each year.

California’s fiscal 1991-92 budget cut spending, devoured snack taxes and bottled water, but still came up about $4 billion short. Add that deficit to a shortfall of about $6 billion for fiscal 1992-93 and anyone sees our problem budget needs resuscitation.

Not to worry. A number of legislators have proposed a novel and painless method to balance the state’s budget. They propose to spread the deficit over two years. A two-year budget balances fiscal 1992-93 and spreads deficit payments over 24 months. This program replenishes wealth. If deficits continue to rise and revenues fall, the two-year budget precedent opens budgetary gamesmanship to three- or four-year budgets.

Problem budgets? No problem. God bless the wizards of Sacramento.

JIM SKEESE, San Diego