The case for Prop 57 & 58

Please vote against Prop. 56--it is a sham that is intended to lower the bar for the CA legislature to raise taxes.

Prop. 57 and 58 are trickier, but Hoover Fellows George Shultz, John Cogan and Michael Boskin make the case that 'Yes' and 'Yes' are the Best Way to Deal With the State Debt. Excerpt:

What would happen if voters rejected the bond initiative? Strictly speaking, the governor and the Legislature would be required to pay off the state's entire accumulated debt and close next year's projected budget gap in a single year.

The inevitable result would be a truly massive tax increase. Why? Because eliminating the inherited debt in a single year by cutting spending alone would require an across-the-board cut of about 30%. We know of no government entity — federal, state or local — that has ever managed to make such a reduction. And it is hard to imagine such cuts coming from the current Legislature, which is not exactly full of Ronald Reagans. So a vote against the bond authorization would be a vote for a tax increase.