Californians are used to ballot initiatives that claim to do one thing, but in reality do exactly the opposite. However, even by the standards of misinformation now commonplace in our elections, November's most controversial ballot measure, Proposition 32 – which its supporters call "Stop Special Interest Money Now" – really "takes the giddy biscuit", as Bertie Wooster (or, for that matter, Mitt Romney) might say.

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Its supporters claim that Prop 32 is a balanced measure that limits corporate and union influence on state elections, to the extent allowed by federal election law. Indeed, pro-Prop 32 ads focus on spending in Sacramento by AT&T and PG&E, rather than on spending by labour unions.

In reality, "Stop Special Interest Money Now" would do nothing of the sort. Though AT&T and PG&E (both unionised firms) are undoubtedly peeved at being singled out, Prop 32 would have almost no impact on the ability of corporate executives to contribute unlimited money to candidates or campaigns, but would have a devastating impact on the ability of unions to participate in state politics. Its restrictions on unions are so sweeping that it would prevent them from communicating with their own members on political issues. Worse still, Prop 32 would enhance the ability of super political action committees (PACs), and other wealthy groups that are exempt from the measure, to dominate elections.

This is not genuine campaign finance reform but a bill of rights for billionaires, which would be a game-changer in California politics. California voters have twice before rejected rightwing initiatives to destroy labour's political voice, in 1998 and 2005. Unable to win by honest means, conservative groups decided to come up with something more deceptive this time round.