How California Was Diminished by 1978 Tax Revolt - Bloomberg
California voters approved Proposition 13 to rein in property taxes that had doubled in 10 years. More than three decades later, that rebellion has mortgaged the state’s future, saddling it with the nation’s highest debt and lowest credit rating.
The measure led to reductions that dropped per-student school spending from seventh to 29th nationally, prompted cities to pursue sprawling retail development to compensate for lost revenue, and pushed the state into budget gridlock, including a $705 million revenue shortfall announced Oct. 10, by requiring two-thirds approval for any tax increase.
In 1978, conservatives told us that Proposition 13 would be the greatest thing that ever happened to California. Now the state's public institutions are disintegrating and maybe even Republicans will eventually come to understand how important public schools, colleges, parks, streets, highways, and other systems are to the functioning of an economy.
Thanks to Fred Pilot for the link.