Prop 12 was put on the ballot by the state legislature to issue $900 million in bonds to fund the Cal-Vet program to assist veterans to buy homes and farms.
The Sac Bee is opposed:
In better economic times, it might make sense to keep adding this benefit to the ones that veterans already receive, but not now. If veterans were unable to pay back these loans, it would leave state taxpayers on the hook for some of the $59 million in annual debt service these bonds will incur.
In addition, as of July of this year, there was still about $102 million remaining from past bond issues for veterans, so there's no urgent need to pass a new bond issue.
The SF Chronicle is supporting this proposition. Excerpt:
Californians have voted 26 times to continue funding this program, which helps build communities while providing a deserved benefit to men and women who have served their country in the armed forces. The Legislative Analyst's Office pointed out that all of that previous bond debt and operating costs have been covered by the veterans' mortgage payments.
There are 4 bonds this November 2008: 1A, 3, 10 and 12.
I think 1A and 10 are too big a reach and we aren't ready for them.
This propositions seems doable. I'm leaning toward voting yes on prop 12.
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