Economics Professor Gabriel Calzada, who worked on the King Juan Carlos study, told me that Spain's situation is "unsustainable." Entrepreneurs jumped on Spain's generous solar subsidies -- and Madrid already has had to cut back what the government promised to pay them. The country is saddled with $173 billion in obligations to its expanding class of renewable energy investors. Calzada warned, "Don't play with taxpayers' money gambling in what politicians think will be the future in energy."
If California voters don't stop AB32, they'll also be gambling with California's remaining jobs.