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California's deficit may be $15 to $18 billion this year. The state's revenues for the first quarter of the fiscal year were short by more than a billion dollars. Standard & Poor's has warned that California is under a negative credit watch and its credit rating is already the second lowest in the country. Gov. Arnold Schwarzenegger recently said the government may need a $7 billion loan to pay its bills.
Despite all this, taxpayers are being asked to approve another $16.8 billion in borrowing. A new series of reports from the Reason Foundation examines all of the propositions on the state ballot, noting that California's general obligation bond debt nearly tripled from $42 billion in fiscal 2001-02 to $120 billion in 2007-08.
» Press Release
California General Election: Voter Guide
October 2008
By Adrian T. Moore, Ph.D. and Mike Flynn
» Press Release
» Full Policy Brief (.pdf)
Drowning in Debt: Bond Measures Threaten California's Already Precarious Debt Situation
October 2008
By Adam B. Summers and Anthony Randazzo
» Full Policy Brief (.pdf)
The Nonviolent Offender Rehabilitation Act: Prison Overcrowding, Parole and Sentencing Reform (Proposition 5)
Policy Brief 74
By Skaidra Smith-Heisters
» Full Policy Brief (.pdf)
Analysis of California's Propositions 7 and 10: Renewable Energy Mandates and Handouts
October 2008
Policy Brief 75
By Skaidra Smith-Heisters
» Full Policy Brief (.pdf)
Analysis of California's Propositions 8: Limits on Marriage
October 2008
Policy Brief 76
By Adam B. Summers
» Full Policy Brief (.pdf)
Redistricting in California: Competitive Elections and the Effects of Proposition 11
October 2008
By George Passantino
» Full Policy Brief (.pdf)
Chris Mitchell
(310) 367-6109
» Reason Foundation's California Research and Commentary
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