Posted on 11/16/2007 10:16:35 AM PST by goldstategop
The newspapers are reporting that the fiscal gap is $10 billion. It is actually far more serious than that. The actual figure – according to the LAO – is that the state will spend $14 billion more than it takes in between now and the end of the next fiscal year. The difference is that we will first blow through the $4 billion reserve that the state began the year with. (That reserve, by the way, is already gone.)
But the LAO is still predicting that the state’s general fund revenues will grow about 3.5 percent this year. I doubt it. Revenue growth last year was only 2.3 percent; the LAO admits that the economy will deteriorate in the fourth quarter of the fiscal year; and most ominously, our revenue receipts in the first four months of this fiscal year grew only 0.6 percent compared to the first four months of last year, according to the latest data from the state controller’s office. Even the Department of Finance reports only 1.7 percent growth through October 31st. If revenues continue to come within this range, the deficit will be in the $18 to $20 billion range by June.
"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
Time for Recall II: Judgement Day.
-—Hillary will see to that Uncle Sugar bails out Commiefornia-—at least that’s what the politicos are all counting on—
"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
10 times worse.
"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
Me either. I lived in Ca 76-2006.......Lke Howard Beal said” I just got tired of the bullshit”
OK....correct me if I’m wrong here.....If you don’t have any money in your wallet or in the bank you don’t buy anything. You stop spending.....right? Sounds easy to me. Wait.....I forgot, you can buy on credit.....that makes a lot of sense. California is spending on credit, like our federal government. I’m amazed that the people don’t do anything about it.
—see post #3—
California Democrats are about to get EVERYTHING they voted for....
They managed to export the Michigan Recession to California, and the jobs are fleeing FAST.
Cali Voters made it CLEAR, several times, that they SUPPORTED huge deficit soending...
"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
"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
When California catches a cold......
Well, I moved to Scottsdale, as I had to for business reasons. I plan to retire in 2 years at age 55 and buy 100 + acres in MONTANA.
....The rest of us don't really care. Last time they had difficulties we could see no effect out here.
It’s alright, we can sue our way out of it.
Global warming is a gold mine.
Services will be cut back usually the most critical police fire hospitals etc until the public crys uncle and forks over the taxes.
The money being repatriated by illegals to their Mexican relatives should be confiscated for govt services.
"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
Talented people flee the state and help the economies of other states?
“tax increases” —for only Californians?
My guess is that they will declare a state of emergency worthy of the katrina disaster and expect the rest of the US taxpayers to bail them out.
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