Skip to comments.Has California Finally Hit Bottom? (Newsom finds religion...or hallucinogens)
Posted on 11/19/2012 8:45:56 AM PST by Texas Eagle
Editors note: The following is a cross post by Jane Wells that originally appeared on CNBC.com]:
The Golden State has been forced into a sort of economic rehab after years of runaway spending.
Now, Californias Legislative Analysts Office says the state may be bottoming, and there is reason to hope.
Californians just passed Prop 30, raising taxes, but the LAO says the state will still have to close a $1.9 billion budget gap over the next two years. However, there could be a budget surplus beginning in 2014.
Were not out of the woods, said Lt. Gov. Gavin Newsom, a Democrat. Theres a lot of desire, pent-up desire, to invest more in research and development and issues of education and the like, and so were going to have to hold the line.
Newsom was speaking at the Milken California Summit in Beverly Hills, where the issue of the states economy and notoriously poor business climate were front and center.
Proposition 30 will raise the top state income tax rate to 13.3 percent for millionaires. Thats not a great way to encourage folks to come here and stay here, he said.
(Excerpt) Read more at theblaze.com ...
I think all of those millionaires who demand federal tax hikes should be forced to move to California, so they can have a taste of it at the state level.
Hit bottom? There’s a prediction that’s off by a decade, and that’s being generous.
Whistling in the graveyard.
We could have Ham and Eggs, if we had some ham, and some eggs.
CEO thinking to him/herself: "Who do I believe? My bottom line or Gavin Newsom?"
They and they're union controllers have already spent the recent tax increases and are thinking about how to sell the next round to the idiot voters that infest this state.
Proposition 30 also allows urban centers to expand tax boundaies and capture revenue from the burbs. Look out: the looting has just begun. It is such a great idea, look for other states to use it, like New York, Illinois, and Michigan for starters.
Vallejo, Stockton, Fresno and Sacramento need your money. Chicago, New York, Detroit, Philly, Baltimore, and St. Loius will be next.
Amen. Even after they ran ol' Snowball off the farm, they continued to blame every problem on him.
Obviously, in this case, Snowball represents the entire Republican Party in California which has absolutely no power to stop anything.
Didn't know that. Thanks for the assist.
Regionalization. One of Obama's primary goals for term 2. He hates the burbs and will suck them dry by expanding taxation to support the urban areas and will take local control away from the suburbs as a "side benefit."
Given that Newsom himself is a beneficiary of the Getty fortune, I guess he should know... not that he's moving any time soon.
Not even close.
Maybe “bottom” will be when a large group of Obama’s folks storm the state building looking for all the money they were promised but never got to loot elsewhere.
When will liberals hit bottom?
Look at what is happening with the Hostess bankruptcy. The union members did not recognize the bottom, and killed the complany with their continued strike (with a whole lot more union jobs)
Read “Atlas Shrugged”. They didn’t recognize a bottom even when the economy had completely crashed.
Or look at Greece.
They are rioting because their goodies are being taken away, but still voting for the politicians who made the promises that could not be kept.
Don’t expect a bottom to be reached until there are food riots ... but the rioters will then vote for those promising to feed them.
When will be the first shareholder lawsuit occur against CA companies that are losing money and continue to maintain a HQ in California?
Regionalization EQUALS REDISTRIBUTION. The Marxists are unrelenting.
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