August 18, 2003

It was excess spending, not lack of revenues, that did the state in. The solution to the problem is to reduce spending without raising taxes. Looking at the field of candidates, we do not believe that Arnold Schwarzenegger's advisors, Wilson and Buffet, are going to recommend that he pursue this course of action and not raise taxes. Wilson did not do that when he was governor, and Buffet is clearly suggesting a tax increase. Our only hope is that Bustamante forces Arnold to try to capture the Simon and McClintock followers, which will require him to focus on a non-tax pro-growth agenda. Otherwise, we are in for a repeat of the California meltdown during the Wilson administration.

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