Posted on 05/18/2009 6:48:50 PM PDT by Libloather
Initiative defeats could set back California's recovery
Laura Mandaro, MarketWatch
Portfolio May 18, 2009, 7:37 p.m. EST
SAN FRANCISCO (MarketWatch) -- The Golden State's prospects for clawing its way out of recession next year could be pushed off, but not derailed, if voters reject special budget measures designed to partially bridge the state's $21 billion budget gap, according to an local economic forecaster.
The state's deteriorating financial standing, which by some measures put it in league with Louisiana and South Carolina, hinges on the state government's ability to quickly cut spending if can't get sought-after tax hikes.
The pace of recovery "depends on the budget situation in Sacramento," said Jerry Nickelsburg, senior economist with the UCLA Anderson Forecast, a closely watched arbiter on economic conditions in California.
On Tuesday, voters in this debt-strapped state will decide on six propositions put on the ballot by the state legislature and promoted by Gov. Arnold Schwarzenegger. They attempt to add about $6 billion to the state's coffers by borrowing from future revenues; redirecting money designated for special programs created by an earlier ballot proposals; and extending sales and income-tax increases.
Polls suggests voters are likely to turn down all the propositions, except one that bars legislators from getting pay increases when the state is running a deficit. The governor's office projects that defeat widen the state's budget gap to $21 billion, as opposed to $15 billion if the proposals pass.
(Excerpt) Read more at marketwatch.com ...
Then, on Day 2, the 9th Circus will overturn the votes and raise taxes by judicial fiat.
The county's elections chief made a last-minute push to get voters to the polls today, dispatching publicists to local events, offering to pick up ballots for those who can't make it out and even appealing to online technologies like Twitter.
Still, all signs suggest voters remain uninterested in today's ballot issues, and county Elections Department head Gail Pellerin acknowledged an uphill battle for turnout.
"We're trying to get creative about getting out notice of this election and how important it is," said Pellerin. "(But) it's taken some extra effort."
http://www.santacruzsentinel.com/ci_12397966?source=rss
It never occurs to them to cut 21 billion dollars from the budget.
Welcome to Free Republic. After awhile, a bunch of this will come natural. I'm series...
Tomorrows vote should be a really big hint for them.
Could be interesting. We will be voting, of course.
Could it be that even the people of California are smarter than congress?
Is there a chance that even the often delusional and government loving denizens might realize that giving money to FIX a problem to the same crooks and morons that CAUSED the problem is a dumb idea?
Low physical turnout means more opportunity for ACORN agents to vote under the names of the people who don’t show.
What we need in this country is a movement to throw out every sitting incumbent politician in Congress and at the state and local level.
Congress especially has ruined this nation and most of them now look on the job as a lifetime sinecure to enhance their finances and pensions instead of looking out for the people they represent.
We have been utterly betrayed by the people we elected.
Boy I hope that state goes BELLY UP.
Heard an interesting idea today - tax incumbent's incoming political contributions at the same rate they tax the public. They'll get the idea - and fast!
We already voted, along with several million others.
What is your take on 1F? Doesn’t seem to do what it purports to do.
My take? I don’t trust the SOBs. We voted no on all.
There are precious few worthy of keeping... although my congressman in Tx. (Marchant) votes like a FReeper would.
Is Hugh on the ballot? What is he running for that’s so important? Will Hugh benefit from a huge turnout?
Haven’t missed voting in any election in the last 51 years and we sure won’t miss voting tomorrow!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.