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Politics : IMPEACH GRAY DAVIS!
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To: Lazarus_Long who wrote (890)8/20/2003 7:09:04 PM
From: Lizzie Tudor  Read Replies (1) of 1641
 
And again: Do you think the rates would be any less without 13? Why?


<yawn> Get an economics book. There is a term for what prop 13 is. I think (but can't completely recall) it is called siphoning. This is when a desirable asset class (which as a general rule will appreciate due to inflation, if you are in an inflationary economy which we are)- is essentially frozen at cost for a certain class of buyers at a point in time. The *real* cost of these assets continue to climb, the recipients of the sham gain more and more by holding their asset at below market, and the new buying curve becomes exponential. Basic economics. Just like if I said to you, that drug prices are too high. I pass a law that says all drugs I use, *for the rest of my LIFE* are capped at a 2% increase per year. Guess what happens, the drug companies recoup their costs on the poor saps who are not covered by the scam law. That is what we have with prop 13. The elderly did it again... they dumped their expenses on their kids, the problem is that we as a state are stuck with these nonproductive residents. We need them to move.

Fortunately that stupid law will surely go down in this budget debacle. There is just no way we are going to come up with 38 billion cutting "waste".
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