Business supporters of Gov. Arnold Schwarzenegger, whose approval rating has taken a stunning drop this year, are growing more concerned that he might go the way of Minnesota’s Jesse Ventura and not win re-election.
While Schwarzenegger’s campaign will not begin in earnest for another year a lifetime in California politics and there is no dominant opponent in sight, the governor has expended much of the goodwill he quickly accumulated in his first few months in office.
“While no one is counting him out yet, the word I hear most from businesspeople is ‘surprise’ that he has squandered so much of his political capital and their money,” said Republican political strategist Arnold Steinberg. “There is real concern that his inability to steer a steady course could spell disaster next year.”
Schwarzenegger’s standing in the polls 34 percent in the most recent California Field Poll has sunk to nearly the level of former Gov. Gray Davis before he was recalled. Furthermore, Schwarzenegger and his allies will likely be outspent in the Nov. 8 election by a margin of at least 3-1. Public employee unions, which have been airing a series of hard-hitting ads opposing the governor’s special ballot initiatives, have already raised more than $50 million and are likely to collect millions more.
At this point, November’s special election is being viewed increasingly as a referendum on the governor’s performance unsettling news for supporters given polls that show many Californians consider the vote to be unnecessary and costly. Indeed, some of Schwarzenegger’s business allies contributed more than $10 million to his major initiative fund this year and so far at least have seen little in return.
“Businesspeople have stayed away in droves from contributing to the initiative fund because they have watched the money raised so far being squandered,” said Tony Quinn, a Sacramento-based political analyst who used to consult for business groups and lobbyists.
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The full story
is available in the Sept. 26 edition of the Business Journal.
