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Kontiki
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Canada
Aug 2001
time: 00:33
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Not Californian, but I'd be interested in more info on these propositions. As stated, they are meaningless platitudes. What are the actual plans to achieve these (worthy) goals?
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mrmitchell
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This thread is hilarious.
Fez, you've dug yourself a deep pit to come out from and monkspider is piling the dirt back on you, but I'll throw you a rope:
Summary of the proposals please?
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Kontiki
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Canada
Aug 2001
time: 00:33
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Hmmm....dunno about Prop 58. I think if you want something like that to have real teeth, there should be a provision for a new election to be called if the government fails to balance the budget. Or maybe it does - I just did a quick scan.
Anyway, it seem to me that "forcing" a government to balance the budget rarely works - too many unforseen consequences, not to mention too many ways to shirk the provision. Unfortunately, there is no real good quick fix.
The refi idea sounds interesting. Not too sure how thrilled existing bondholders will be about it though. Are existing state bonds even callable?
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Giancarlo
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Los Angeles
Apr 2000
time: 02:33
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quote:
Originally posted by mrmitchell
This thread is hilarious.
Fez, you've dug yourself a deep pit to come out from and monkspider is piling the dirt back on you, but I'll throw you a rope:
Summary of the proposals please? |
Here you go:
quote:
Proposition 57 Ballot Arguments
State government spending in California is out of control. Over the past three years, state spending has significantly exceeded state revenues.
The California Economic Recovery Bond Act will consolidate the deficit and ALLOW CALIFORNIA TO GET ITS FINANCIAL HOUSE IN ORDER--WITHOUT RAISING TAXES.
The California Economic Recovery Bond Act will keep the state from running out of money and prevent drastic cuts in spending on vital programs like education and health care.
The California Economic Recovery Bond Act will not take effect unless voters approve the California Balanced Budget Act, which PROHIBITS BORROWING TO PAY DEFICITS ever again and requires enactment of a BALANCED BUDGET.
The California Balanced Budget Act also provides for a fund of up to $5 billion that can be used to PAY THESE BONDS OFF EARLY. It also provides for a RESERVE of at least $8 billion, which can be used to PREVENT FUTURE DEFICITS.
Last year, the state approved $12.9 billion in bonds to retire the accumulated budget deficit. The courts have declared one bond issuance unconstitutional and the other is subject to legal challenge because they were not approved by voters. Since then, the state has accumulated a larger budget deficit. PROPOSITION 57 WILL LEGALLY RESTRUCTURE AND REFINANCE THAT DEBT WITH THE APPROVAL OF THE VOTERS.
Without this bond, the State of California may be out of cash by June. To deal with a calamity of that magnitude in such a short time frame, the only choice will be to drastically increase taxes. The California Economic Recovery Bond will let us refinance our inherited debt and give the state time to deal with its ongoing structural deficit.
The California Recovery Bond and the California Balanced Budget Act, Proposition 58, together will give California's leaders the tools necessary to restore confidence in the financial management of the State.
Please join Superintendent of Public Instruction Jack O'Connell, the California Taxpayers' Association, State Controller Steve Westly, the California Chamber of Commerce and Governor Arnold Schwarzenegger in supporting Proposition 57. It is the only way to ensure California's financial future.
ARNOLD SCHWARZENEGGER, Governor
State of California
LARRY MCCARTHY, President
California Taxpayers' Association
ALLAN ZAREMBERG, President
California Chamber of Commerce
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Prop 58.
quote:
Proposition 58 Ballot Arguments
State government spending in California is out of control. Over the past three years, state spending has significantly exceeded state revenues.
Proposition 58 will require the Governor and the California State Legislature to ENACT a BALANCED BUDGET. Right now, the Governor is only required to propose, not enact, a balanced budget. This loophole has led to the huge budget deficits that plague California.
The California Balanced Budget Act:
WILL require a BALANCED BUDGET;
WILL require that SPENDING NOT EXCEED INCOME each fiscal year;
WILL require general funds to be put in a "Rainy Day" fund to build a RESERVE to protect California from future economic downturns. The Budget Stabilization Account will also be used to pay off the California Economic Recovery Bond early;
WILL allow the Governor to call a fiscal emergency if revenues drop below expenditures or if expenditures exceed revenues; and
WILL prohibit the Legislature from acting on other legislation or adjourning if they fail to pass legislation to address the crisis.
California faces unprecedented budget deficits. Overspending has led to serious shortfalls which threatens the state's ability to pay its bills and access financial markets. This proposition is a safeguard against this EVER HAPPENING AGAIN. Proposition 58 will prevent the Legislature from ENACTING BUDGETS THAT SPEND MORE MONEY THAN WE HAVE.
The California Balanced Budget Act will require, for the first time, the Governor and the Legislature to pass a BALANCED BUDGET. This proposition, along with the California Economic Recovery Bond Act, will give us the tools we need to resolve California's budget crisis.
As California faced unprecedented budget deficits for the last 3 years, the problem was ignored, spending exceeded revenues, and there was no process in place to address the fiscal crisis. Proposition 58 will allow the Governor to call a Special Session of the Legislature to deal with future fiscal crises. If the Legislature fails to act within 45 days, then they will not be able to recess and they will not be able to pass any other legislation. This will force the Governor and the Legislature to work together to find a solution to the problem BEFORE IT IS TOO LATE.
The California Recovery Bond, Proposition 57, and the California Balanced Budget Act, Proposition 58, together will give California's leaders the tools necessary to restore confidence in the financial management of the State.
Please join Governor Arnold Schwarzenegger, State Controller Steve Westly, Superintendent of Public Instruction Jack O'Connell, the California Chamber of Commerce, the California Taxpayers' Association, and all 80 members of the California State Assembly-both Republicans and Democrats-and support Proposition 58.
ARNOLD SCHWARZENEGGER, Governor
State of California
HERB J. WESSON, JR., Speaker
California State Assembly
JENNY OROPEZA, Chairwoman
Assembly Budget Committee
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12-02-2004 08:47
This one's gonna be good. Fight to the death, monkspider. 
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