Thanks Jon Coupal of the Howard Jarvis Tax Foundation, Talk Radio host throughout California and the California voter sent a message loud and clear stay the hell out of my wallet (or purse). Proposition 1A-1E went down in flames on Tuesday. Five of six ballot measures lost by nearly two-thirds between (60-62%) points. California of all walks of like rich, middle class and poor said an resounding NO vote!
The political class don’t understand that raising taxes don’t bring in revenue. In fact, State of California has conceded that raising taxes has led to a $2 billion dollar revenue shortfall without way to get it back. (meaning higher taxes bring in less money.) Also, The state has one of highest unemployment rates in nation at 10.9% and continues to grow sadly.
Meanwhile, home price deflation continues in the state, homes continue to become foreclosures. Small to medium businesses fleeing to Dallas, Houston, Austin; Raleigh, Durham, Charlotte; Atlanta, Tampa, Orlando, Jacksonville to be in a more friendly environment. While people are heading to Portland, Las Vegas, Phoenix and Denver where the cost living of living is cheaper and taxes are not outrageous; and communities the not on the brink of collapse.
The bad news the rest of the country will have to pay for our sins. Governor Arnold Schwarzenegger has gone back to Washington,D.C. hat in hand again seeking bailouts and it’s tarp funds which is being held up due to the fact that the Governor was laying off Unionized State Workers who get great salaries, bennies, some who’ll retire early after only20 years to get re-hired by other government agencies and collect two retirement pensions to hit the jackpot. And President Obama has opposed the job cuts in the state.
The other problem is the politicos have been convincing the people both liberals and (California)conservatives you know who you are. We have been seduced by politicians (and/or Celebrities: think Actor-Director Rob Reiner) for so-called better education for Pre-K programs; K-12 students class size reductions, traffic relief including Measure R in LA County to pay for extension the Metro Rail Subway to the sea from Downtown LA to Downtown Santa Monica and Light Rail Lines also to Santa Monica, from LA International Airport to Sherman Oaks. (I am of this guilty of this as well.)
Wow what a Bloody mess, We’re so boned.
The LA Times