Posted on 01/19/2007 11:46:43 AM PST by NormsRevenge
According to Gov. Arnold Schwarzenegger, California's financial condition is "fantastic." Spending has been brought under control, the budget has been balanced, and our debt is being paid down. ...
--snip--
... In fact, spending is growing faster than it did under his recalled predecessor, Gray Davis. The state is now running the biggest deficit in its history, and the only way it can pay its bills is because of massive borrowing carried over from 2004, ...
--snip--
The governor justifies his claim that the budget is balanced by concocting a new accounting concept he calls the "net operating deficit."
Here's how it works: To enable his claim that he is paying down debt when it is actually increasing, the governor made some prepayments during the past two years – akin to paying more than the minimum balance on your credit cards. But to hide the deficit he created on the other side of the ledger, he simply doesn't enter those payments in the state's checkbook. ...
--snip--
Meanwhile, borrowing is now completely out of control. When Gov. Schwarzenegger took office, the percentage of the general fund required to make the payments on state bond debt was 3 percent. Since then, that burden has doubled to 6 percent and will exceed 8 percent next year. ...
Ironically, the state's debt-service ratio never exceeded 2.2 percent throughout the 1960s, ... under Gov. Pat Brown.
--snip--
State revenue in 2006 was projected to grow just 1.2 percent, and actual revenue is now falling behind even this modest goal. The governor's 2007 budget is predicated on robust, 7.1 percent growth next year. If the state's economy merely does not deteriorate any further, it will produce a $7.5 billion deficit – placing the state on the brink of insolvency within 18 months.
(Excerpt) Read more at ocregister.com ...
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McClintock Ping List.
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It seems that they were blinded by Arnold's "star power". I wonder if they're realizing they made a bad decision in electing a faux conservative.
maybe after the NEXT round of borrowing , some will, maybe
Hay Churtle! Sovereignty is exactly like virginity!! You can't surrender little pieces of it here and there!!!
Now that is a keeper!
Agreed. Of all our losses last November, that one was the hardest to take.
Now, with "diversity" the raging inflamation amongst liberals, the so-called sovereign entities that used to be reservations are rapidly being converted into criminal enterprises completely isolated from the surrounding communities like little cancers that metasticize the wages of the working CA poor in the name of supposed "self-sufficiency" for Indians whose little socialistic empires are getting filthy rich!!!
There have even been gun battles in the Clear Lake region between two of these criminal enterprises completing for the loot of their "oppressors!" What a potent pantload!!! But this is the kind of crappola that Liberals create with their fantasies and foolishness!!!
This is THE one area that I disagree with McClintock, vehemently!!!
Yup... That and seeing the parental notification getting shot down..
CA should at least have a "Gaming Commission" like NV. Now there's a "box" that Arnold should have created instead of the Sierra-Nevada CONservancy!!!
..and eminent domain
California Gambling Control Commission
Careful what you ask for--they may bring you the SNC Spanking Control Commission.
That right there qualifies him to serve in the Senate...
OMG!!! Now you've gone too far!!! (smirk)
I don't know whether to laugh or cry over that one.
I noticed that too.
This is THE one area that I disagree with McClintock, vehemently!!!
I agree with the principle he applied, but disagree in the reality of it. The tribes hooked up with organized crime quite some time ago and it's only getting worse. The state has only helped them grow and done very little to stand in the way of the ever-growing criminal enterprise.
Since illegals are sending billions back to Mexico, it's easy to see why the scale is so out of balance.
He has stayed true to his core principles thru turbulent times. Would that some others could say the same.
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