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Has California Finally Hit Bottom? (Newsom finds religion...or hallucinogens)
cnbc.com ^ | 11-15-12 | Jane Wells

Posted on 11/19/2012 8:45:56 AM PST by Texas Eagle

Editor’s 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, California’s Legislative Analyst’s 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.

“We’re not out of the woods,” said Lt. Gov. Gavin Newsom, a Democrat. “There’s a lot of desire, pent-up desire, to invest more in research and development and issues of education and the like, and so we’re going to have to hold the line.”

Newsom was speaking at the Milken California Summit in Beverly Hills, where the issue of the state’s 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. “That’s not a great way to encourage folks to come here and stay here,” he said.

(Excerpt) Read more at theblaze.com ...


TOPICS: Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: california; newsom; taxes
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To: Texas Eagle

The Marxists are coming at us from every direction.


21 posted on 11/19/2012 10:53:26 AM PST by SC_Pete
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To: Texas Eagle
However, there could be a budget surplus beginning in 2014.

Or...there could not be.

22 posted on 11/19/2012 11:42:10 AM PST by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: Texas Eagle
A surplus in 2014?!?!?!?

The only surplus in California's budget is a surplus of deficits.

23 posted on 11/19/2012 11:46:20 AM PST by N. Theknow (Kennedys=Can't drive, can't ski, can't fly, can't skipper a boat, but they know what's best for you.)
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To: Mack the knife

Insanity is doing the same thing over and over an expecting a different result. Watching the PBS program on the Dust Bowl. As the priceof wheat plummeted, they farmers plowed more and more land and planted wheat. They then found they could find no buyer, FDR [romosed to help, but in the end, what brought back “No man’s Land” was the return of the rains.


24 posted on 11/19/2012 11:49:11 AM PST by RobbyS (Christus rex.)
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To: Mack the knife

Insanity is doing the same thing over and over an expecting a different result. Watching the PBS program on the Dust Bowl. As the priceof wheat plummeted, they farmers plowed more and more land and planted wheat. They then found they could find no buyer, FDR [romosed to help, but in the end, what brought back “No man’s Land” was the return of the rains.


25 posted on 11/19/2012 11:49:21 AM PST by RobbyS (Christus rex.)
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