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California Voters Reject Ballot Measures

Posted by PATRICK EDABURN in At TMV, Economy, Politics.
May 19th, 2009 | Comments

In a not very surprising move the voters in California appear to have rejected a series of ballot measures intended to help cure the recent budget crisis. This means that the legislature and the Governator will have to figure out a way to work through about $ 20-40 billion in deficits through some other method.

As I previously discussed, this was basically a choice between two very bad options, either short term solutions that would result in higher taxes and spending cuts or forcing the legislature to work to a long term solution which will likely involve more of the same.

The only measure likely to pass is Proposition 1F which will put limits on the salaries of state officials during recession/depression years.

Results here

  • superdestroyer
    California is a great test bed for the economic ideas of the Obama Administration. President Obama is making huge economic bets based upon the idea massive government spending does not distort the economy, that taxes cannot be too high, that illegal aliens have no adverse impact on the economy or society, that the public sector job growth has no adverse impact on the economy, and that environmental laws have no adverse impact on the economy.

    Consider that California has always been ahead of the rest of the U.S., the future does not look very good.
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