Posted on 11/07/2007 7:54:52 PM PST by NormsRevenge
For the sixth time since the mid-1980s, an economic slowdown has left the state facing a decline in revenue over the previous fiscal year. Gov. Arnold Schwarzenegger's decision to order agencies to draft 2008-09 budgets with 10 percent cuts is a harbinger of a grim era likely to last until the housing slump and lending-debt crisis abate.
We're already being told this bad news was inevitable in a state that relies so heavily on volatile personal income taxes. Don't believe it. If not for the grossly irresponsible budgets of recent years, the coming era would be mildly unpleasant, not grim.
For all the prattle about “structural deficits,” the fact is, California would be coming off consecutive surplus years if only the governor and the Legislature were able to limit spending growth to 25 percent from 2003 to now. Instead, they went on a binge, upping expenditures by one-third.
Now the binge will stop, but deficits will be bigger than ever. Sacramento can't come close to balancing a budget even when coffers are flush. This means we can count on the tax-hike set and its media amen chorus to be in full roar within weeks.
Listen to them at your peril. The only reason the state now has a revenue problem is because for years it has had a severe, never-addressed spending problem. Fix the spending problem, and the revenue problem will disappear.
California's need for a balanced-budget initiative has never been more painfully obvious. The signature-gathering campaign can't start soon enough.
the fact is, California would be coming off consecutive surplus years if only the governor and the Legislature were able to limit spending growth to 25 percent from 2003 to now. Instead, they went on a binge, upping expenditures by one-third.
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What a bunch of comedians.
The punchline..
They borrowed a huge pile on top of that.
..and you thought script writers only worked in HollyWeed.
Didn’t Ahnold come to Sacramento with a promise to control spending? Well, now the market is going to force him to cut spending the hard and painful way.
Maybe he’ll have to give up his “hydrogen highway”. /sarc/
and no High Speed Rail either,, oh the horror.
Willie Green is deeply saddened.
Arnold has been spending faster than Gray Davis.
The fact is, when Schwartzy tried to out in curbs on spendingm the “Voters” handed him his head at the special referendum..
It’s PAINFULLY clear that California taxpayers SUPPORTED runaway spending, and it’s only now that the actual BILLS for that spending is due, that they feel any consternation..
But hey, what the hell....
Just raise those taxes on the “Rich” again, and everything will be solved, right?
If only they can hold on until their in fetal stem cell research boat comes in. There’s gold in them thar wombs I tells ya.
The truth is the voters were lied to and fell for an imposter, imo.
grey davis deja vu.
Schwartz did EXACTLY what he said he would do, and got slaughtered for it at the special ref.
California voters were CLEAR in thier desire for runaway spending...
first you said it was taxpayers and now you say it was voters..
neither absolves him from his responsibility to find ways to work within his office to act prudently financially, instead he chose not to regardless of what you feel voters or taxpayers signed off on, under much the same ruse that you are providing him cover with here . jmo.
BS. It ain’t the US Constitution alone. You’ve got to read the California Constitution too. Or change the Constitution or raise rates to meet the legal requirements.
10Q clue to Citigroup’s financial headache
The Financial Times | 11/7/2007 | Paul J Davies
Posted on 11/07/2007 7:48:59 PM PST by bruinbirdman
http://www.freerepublic.com/focus/f-news/1922594/posts
Sarkozy fears ‘economic war’ as dollar slides (Aug. 2007)
Telegraph (UK) | 1:13am GMT 08/11/2007 | Ambrose Evans-Pritchard
Posted on 11/07/2007 7:10:15 PM PST by DeaconBenjamin
http://www.freerepublic.com/focus/f-news/1922582/posts
Where are all the freepers who pushed aRINOld? They haven’t learned their lesson and are pushing some other RINO for president.
When everybody else did the heavy lifting of getting rid of Davis, and then Arnold came waltzing in with his movie star celebrity to take the governorship, nobody dreamed that Davis would be outdone (by a mile!) when it came to spending.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Where are all the freepers who pushed aRINOld? They haven’t learned their lesson and are pushing some other RINO for president.
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quite a few were purged.. quite a few are still here.. they pop up and off occasionally, quite a few are out of state , it’s a free country let them spout off for the GUb and how he has had his hands full as is and we need to stand by him and support him.. he also has two kennedys as advisors,, one in each ear.
10 bill per year in benefits to illegals.
Maybe I’m wrong, but hasn’t the population of Calif really grown? You’d think with any degree of intelligence, they’d be awash in cash?
The sad fact is idiots have been elected and chose to spend even more that the Golden Goo$e was laying all too willingly.
I’ll do a little digging re: historcial spending and ping ya
Good analogy. I’d love to see what you find! If that is legally allowed to be viewed by the unwashed masses..
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