Low Grade

Nothing ventured, nothing gained, as the saying goes, and California, taking the advice to heart, has done both. So it was twice disappointing to hear Gov. George Deukmejian explain his veto of a bill to create a state-administered investment fund that would grow as youngsters grew until they were ready for college. And then it would guarantee tuition at public university campuses.

The governor said that he didn’t think the state had a responsibility to set up a savings plan in which parents could invest when a child came along. That is arguable, in view of the state’s having accepted responsibility for the nation’s outstanding network of public campuses.

More ominous was his view that the plan has yet to be tested, and that it might not be actuarially sound. What this seems to say is that California should let Michigan, which already has a similar prepaid tuition program, go first. This is hardly the attitude that makes California a pioneer, venturing and gaining. The governor deserves a second chance. The Legislature should get the bill back to him as soon as possible.