While the most hotly debated proposition on the California ballot was Proposition 8 (banning of gay marriage—it passed 52% to 48%) that was not the proposition with the biggest fiscal impact. There were billions of dollars of bond measures on the ballot. Unfortunately for your wallets, all but one passed.
Proposition 1A passed with 52% of the vote. $10 billion in bonds will be sold for high-speed rail. Ignoring the costs to run the system (and I think this will be a boondoggle) the bonds will cost $667 million a year to be paid back.
Proposition 2 passed with 63% of the vote. This measure will devastate egg ranches and livestock operations in California. Apparently the voters don’t understand that if this industry leaves, jobs leave and prices will go up.
Proposition 3 passed with 55% of the vote. $1 billion in bonds for children’s hospitals will be sold. It sounds so nice but just remember that as you pay higher taxes to pay back the interest.
Proposition 5 would have expanded treatment for drug offenders. This measure failed, garnering just 40% of the vote.
Proposition 6 would have increased law enforcement funding, and would have cost over $1 billion. Taxpayers in California do realize that such a non-bond measure impacts them. It received just 33% of the vote.
Proposition 7 would have mandated renewable energy use. This measure, opposed by almost everyone, received just 35% of the vote.
Proposition 10 would have issued billions in bonds for renewable energy. This is the only bond measure to have failed. Perhaps voters kept hearing the advertisements against Proposition 7 and figured that this should be voted down, too. It garnered just 40% of the vote.
Proposition 11 implements new redistricting for the state legislature. It appears to have passed, receiving 50.6% of the vote. This is one measure that I agree with as California’s legislature is completely dysfunctional.
Proposition 12 will cause the issuance of $900 million in bonds. It passed with 63% of the vote.
Measure J passed easily. This Orange County measure will require votes of the people if pension plans change. It received over 75% yes votes.
Measures R and S in Irvine passed. Each received over 60% yes votes.