Bundles Of Money On The Yes Side For The Special Election
Despite the recent PPIC poll on the May 19 ballot initiatives, nobody should be confident in which direction this election will go. Though the polling position for the "Yes" side is increasingly untenable, it's clear that they will have far more resources to draw from leading up to the election, and will bombard the airwaves with their message (probably a message of fear). Just yesterday, another $1.5 million dropped into the Yes campaign's coffers.
A. Jerrold "Jerry" Perenchio, former chair of the largest Spanish-language media company in the United States, has donated $1.5 million to back two May special election measures.
Perenchio's donated the money to the Budget Reform Now committee, which calls for "yes" votes on Propositions 1A and 1C.
Proposition 1A would impose state spending restrictions, establish a "rainy day" fund for budget shortages and extend tax increases for two years. Proposition 1C allows the state to borrow $5 billion against future profits of a revamped state lottery.
I should note that Perenchio spent $1.5 million to back Arnold's 2005 special election, too. So he doesn't have the greatest track record. And it is not the case that the side with the most bucks wins the election. See T. Boone Pickens' Prop. 10 last year. While special interests can spend lots of money and get their way in the California legislature*, that's not always the case at the ballot. But this disparity could be great, and that will move numbers a little.
* - Please read that report by the Sacramento Bee, and this sidebar about the top 10 spenders in Sacramento and how well they did with their bills. The money goes in and the favors go out, on a truly epic scale. We have to take our state back with major structural reform.