By Haddon Libby
Mail-in ballots have been sent out. Seven statewide ballot initiatives have garnered 2/3rds of $1 billion in support or opposition. In making your decisions on how to vote, it might be useful to follow the money and find out who is supporting what.
Proposition 1 is a vote to decide whether California will make abortion legal as part of the state’s constitution. $13.5 million has been spent in support with $122 million in opposition. Planned Parenthood, the California Democratic Party and Newsom for Governor 2022 have been some of the largest contributors to the measure while Republican Party groups and small individual contributors have funded opposition. Newsom for Governor alone have contributed more than $2 million.
Proposition 26 wants to allow more types of gambling at in-state tribal casinos. $118 million has been spent in support with only $43 million in opposition. Tribal casinos in California have been the largest contributors while out-of-state casinos have funded opposition
Proposition 27 asks you if online gambling site like Draftkings be allowed in the state? This measure has attracted over $400 million in contributions with $169 million in support and $234 million against. Tribal casinos have funded most of the opposition while out-of-state casinos have promoted the measure. The California Democratic Party has also funded opposition.
Proposition 28 provides $1 billion for arts and music education in all K-12 schools. $10 million has been spent in support with no opposition.
Proposition 29 is the bill related to kidney dialysis clinics. Should these clinics be required to have a physician, nurse practitioner or physician’s assistant onsite? If you think they should, vote ‘yes’. $8 million has been spent in support of this measure yet $86 million is spent in opposition. Unions have the primary financial supporter while DaVita and other medical providers have funded opposition.
Proposition 30 would tax those making more than $2 million per year more and put those funds toward more incentives to drive electric cars, build more charging stations and wildfire response. $47 million has been spent in support and $20 million against the measure. Lyft contributed $20 million in October while opposition was a collection of individuals which we can only assume are folks making more than $2 million per year or attorneys representing people who make more than $2 million per year.
Proposition 31 will prohibit the sale of flavored tobacco products in California. Spending for the bill is at $37 million with $2 million opposed to it. In October, former Mayor Michael Bloomberg has contributed $9 million while Newsom for Governor 2022 has contributed $1,242,500.
Taking a quick look at the State Assembly races, we have Christy Holstege running against Greg Wallis in Assembly District 47 and Eduardo Garcia versus Ian Weeks for District 36.
If money is any indication, Eduardo Garcia should win handily as he has a 5 to 1 fundraising advantage to challenger Ian Weeks. Through September 30th, Garcia had raised $514,000 and had cash on hand of $548,000. How might he have done this? Through funds on hand prior to 2022. Ian Weeks has raised $113,000 with $50,000 in cash on hand.
Competing for Chad Mayes seat, Christy Holstege has been a prodigious fundraiser with $1.16 million raised to date with cash on hand of $307,000 at the end of September. Greg Wallis has raised $811,000 with $117,000 in cash on hand.
For comparison, Governor Newsom has raised $8.9 million this year and has an impressive $23 million in cash on hand. Challenger Brian Dahle has raised $2.1 million with $409,000 in cash on hand.
You can find this information and more as cal-access.sos.ca.gov.
Haddon Libby is the Founder and Chief Investment Officer of Winslow Drake Investment Management. For more information, please visit www.WinslowDrake.com.
