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11:56

Chris Reed - Hi, welcome to this chat, I'm happy to take your questions on any topic, preferably ones I know something about.

11:56

Chris Reed - State politics, the special election, etc., are good topics.

12:04

SignOnLiveChatModerator - Chris, what is the most important item on the ballot in the upcoming election?

12:07

Chris Reed - It's Prop 1A, which would divert revenue during good years to a "rainy day" fund for use during bad years while extending tax hikes for two years.

Fans say it's an essential reform.

Non-fans (me) say it's not nearly strong enough and has numerous downsides, such as the fact that its companion measure, 1B, would divert $9.3 billion from ever reaching the rainy day fund and give it to schools.

It's insane to not link school funding to reforms. School quality is not a function of school spending. If it were, schools would be far better than they used to be.

12:14

SignOnLiveChatModerator - Schwarzenneger supports the ballot measures, but his popularity is very low. In 2005 when his popularity was also low, a series of ballot propositions he supported all went down to defeat. Will this May's election be a repeat of 2005?

12:16

Chris Reed - It will be, but the circumstances are different.

In 2005, Arnold was taking on the Sacramento establishment -- the dominant Democrats, the media, the unions, the trial lawyers. He proposed several reforms, including a spending cap that would have made the present crisis much less severe. The establishment buried him.

This time, he's with the establishment -- and the public is going to bury him. The mood is very much like 2003.

12:26

Chris Reed - Some people are online reading -- questions please!

12:27

Chris Reed - Or comments!

12:28

Chris Reed - Bueller? Bueller? Bueller?

12:29

SignOnLiveChatModerator - Chris, California seems to be in a perpetual budget crisis. Do you see the current crisis going away when the economy rebounds, or does California need to reform its entire budgeting process?

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