Angelides Unveils Bush/Schwarzenegger Index

SAN FRANCISCO, CA – California State Treasurer and Democratic nominee for Governor Phil Angelides today unveiled the Bush/Schwarzenegger index, a measure of how middle class families in California are doing versus big corporate interests.

"Time and time again, we have seen the Bush-Schwarzenegger tag team protect the powerful special interests while turning their backs on our hardworking middle class families," said Angelides. "It is hard to find a distinction between George Bush’s policies and Arnold Schwarzenegger’s—and the results are the same: higher taxes for the middle class, higher tuition and fees and record deficit spending. Under Bush and Schwarzenegger, middle class families lose and special interests win."

The Bush/Schwarzenegger index contrasts the higher taxes paid by an average middle class family of four with one child attending a California State University with the record profits earned by oil companies, HMOs and drug companies. Since Arnold Schwarzenegger took office, the average family pays $4,422 more per year due to increased college, healthcare and fuel costs. At the same time, HMOs, drug and oil companies earn $556 million a day.

"As Governor, I’ll give a break to hard-working, middle class families for a change," Angelides added. "I will begin by cutting taxes for the people who really need it – up to $660 a year for families earning up to $100,000 – and small businesses. My first priority as Governor will be to ease the burden on the middle class, and to invest more in their future."

A copy of the Bush/Schwarzenegger index is attached and available here.