Sunday, May 17, 2009

For California voters-May 19, VOTE NO on 1A through 1F

A reminder to vote NO on propostitions 1A 1B 1C 1D 1E 1F.

These are all poorly written "laws" purported to be propositions when in fact they are underwritten by our California Legislature. Along with being an abuse of the proposition process, these laws are written having little or no oversight, and any oversight given is subject to political influence.

In a time of a serious state budget deficit, prop 1C stands out as particularly egregious. The "lottery modernization act" should really be described as "Enron 2.0". The idea of the proposition is that the State of California could borrow $5B(yes, that's billion) against future California State Lottery "income" (as calculated by a lottery insider who can make the numbers fit) to balance the immediate (FY 2009) budget deficit.

Well, what happens next year, 2010, when we continue to have a deficit? Oh, then the state will "borrow" again based on future income which may or may not actually happen. The problem is that the borrowing may be taken for amounts greater than just one fiscal year! In other words, let's say the projected income for the next five years is $5B, they could borrow that to "pay down" FY 2009 deficit and repay the loan, with interest, over the next five years. Sounds good until the impending (yes it will happen) FY 2010 deficit. Now the state again borrows against future lottery income while still paying off the loan from last years' deficit. In typical liberal spending fashion, the lottery will be essentially used to pay for the deficit while a new deficit is created in our futures loan repayment to the state lottery.

That if coupled with the other propositions could amount to tax and spend plan that will most definitely bankrupt the 9th largest economy in the world. It is because of this corruption of the propostition process along with the clear abdication of legislative duties by our state congress that we have only one logical choice and vote NO on all the "propositions" on the May 19th ballot.

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