Easy. Read the fine print. It was a measure that masked more borrowing and did nothing to control or cut spending. HERE are but a few of the reasons. And, some comments from the Prop 76 campaign manager:
"The key is not to crank government spending down," said Tom Campbell, Schwarzenegger's former finance director, who left the post to campaign for the initiative. "It's just to spend no more than we have."
San Diego Union-Tribune, October 21, 2005But Campbell said he has looked forward starting in 2006, which is when the measure would take effect, and doesn't believe that the cap would have an impact on state spending until 2013. "That's because we start with three good years of revenue behind us," he said. "It completely depends on what year you start."
San Francisco Chronicle, October 22, 2005
Interesting. But it seems to me it MIGHT have helped with the spending out there in Cali. I also find it interesting that the unions didn't like it.