I'm with you, tejek, we should be worried. What sunk California has sunk many households and will sink the nation: spending beyond our means. Facts are that over the last decade, households, Sacramento, and Washington have overspent their means. Given more means, they would overspend even that. Howard Jarvis, et. al., saw the same lack of fiscal responsibility that we see today at all levels. Had we not passed Prop 13, we would still be billions overspent and even deeper in debt. Politicians of all stripes will buy votes with other peoples money till hell freezes over. Without Prop 13, there would be many more renters and fewer homeowners in CA. Before prop 13, my PITI rose quickly from $235 at purchase to $350 (remember, this was 40 year's ago). I was being taxed out of my home on a Marine's low and, in the short run, rather fixed income. Thanks to Prop 13, I was able to keep the home and rent it out for 12+ years while we roamed the globe. Over those years renters benefited from my Prop 13. As an old controller, I can tell you that expenses are much easier to control than are revenues. For some reason, politicians always want to raise revenues thru every kind of tax imaginable while letting expenses run free. No way to run a business, a household, Sacramento, or Washington.
All IMHO
jj |
