California Propositions 57 & 58
I've been meaning to write something about Propositions 57 and 58. (I've been meaning to write a lot of things, but now that I'm not working I've never been busier. Very weird.)
For those of you who haven't been following along at home (perhaps you're from other states, in which case you are excused), Prop 57 would authorize California to issue 15 billion dollars in bonds and Prop 58 would require the state budget to be balanced going forward. Governor Schwarzenegger has been campaigning hard in favor of these measures, which he likens to sound family budgeting: When a family has a lot of debt it should get a consolidation loan (Prop 57) and cut up of the credit cards (Prop 58). Except that Prop 57 doesn't consolidate outstanding debt (instead, it makes up this year's budget deficit) and Prop 58 can't prevent the same legislative gridlock that led to all these problems this year. No, these measures are more like taking out a third mortgage to pay your cable TV and cell phone bills (Prop 57) and tearfully promising your wife that you won't hit her again, you swear (Prop 58).
I'm pretty disgusted that these propositions enjoy such across-the-board support from Sacramento, but it doesn't take much brainwork to figure out why: This is a bailout for a legislative branch that simply could not get its fiscal shit together, even after they threw out the governor. (In fact, Schwarzenegger made matters worse by repealing the car tax. But he won't hit you again. He swears.)
Steve Lopez, one of the L.A. Times' best columnists, wrote on the Twin Props today in his "Points West" column. Californians, check out "This Bitter Pill Is Too Hard to Swallow" before you go to the polls.
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