On November 8, California voters will decide the fate of Proposition 76, the Schwarzenegger-backed “Live Within Our Means” Act. The initiative promises to live up to its title by restricting state spending and fixing California’s lingering fiscal problems.

Since 2001, California has experienced sizable budget deficits and has accumulated a considerable amount of debt. Though most of the blame for this was placed on the post-9/11 recession decline in revenue and the dot-com bust, constant increases in expenditures are the biggest culprit. These perpetual spending increases are due to two factors: formulaic spending mandates that require categorical expenditure increases regardless of the state’s fiscal health and an absence of fiscal responsibility on the part of the state’s elected officials.

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