Tuesday is election day. Long time readers know that TWC does not take specific positions on specific candidates or issues unless they directly or indirectly relate to taxes and government spending (except when he does).
Californicate has a ballot proposition system where voters may place issues before the general electorate that the legislature has not addressed. There are many of these on the ballot this year including Proposition 8, which would bar same-sex marriage.
Included in the grocery list of propositions are four that will direct impair our bankrupt state government's ability to function.
The fine people at Reason Foundation have this to say about the Golden Fleece State's finances:
California's deficit may be $15 to $18 billion this year. The state's revenues for the first quarter of this fiscal year were short by more than a billion dollars. Standard & Poor's has warned that California is under a negative credit watch and its credit rating is already the second lowest in the country. Gov. Arnold Schwarzenegger recently said the government may need a $7 billion loan to pay its bills.
Despite all this, taxpayers are being asked to approve another $16.8 billion in borrowing.....California's general obligation bond debt nearly tripled from $42 billion in fiscal 2001-02 to $120 billion in 2007-08.
Drowning In Debt report is here.
- Vote No on 1a: High Speed Rail (they can't even maintain the highways)
- Vote No on 3: Bonds for children's hospitals (EVEN if it is for the children)
- Vote No on 10: Bonds for
T Boone Pickens walleter, renewable energy and alternative fuels
- Vote No on 12: Cal-Vet bonds (no more contributions to the mortgage mess)
No matter how good it sounds, none of these bond measures should be enacted. Instead, we need to ask Governor Schwarzzengroper and the legislature what they've done with the dump trucks full of cash that have arrived daily in Sacramento for the past five years.
Enough said? Or do we have to use color crayons and blocks?
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