Posted on 05/12/2009 2:55:04 PM PDT by BAW
Gov. Arnold Schwarzenegger told legislative leaders Monday the state's annual income tax collections are expected to fall this year for the first time since 1938, punctuating a budget shortfall that he said will reach $21.3 billion if voters reject a slate of ballot measures next week.
With passage of the measures appearing unlikely, Schwarzenegger announced that he would release plans Thursday -- five days before the May 19 special election -- to show Californians the devastating consequences for government if the propositions fail.
State finance officials have been drafting plans for cuts in fire services, prisons, schools and other areas in the event that Propositions 1A through 1E, which plug a $6-billion budget hole, cannot overcome strong voter opposition reflected in recent polls.
The second scenario, if the measures pass, will still be devastating: The state budget will be $15.4 billion out of balance since Schwarzenegger and lawmakers approved it in February, administration officials said Monday. That is nearly double recent projections.
The state could find itself unable to pay bills if steps are not taken to balance the budget by early July, finance officials say.
(Excerpt) Read more at latimes.com ...
I voted no to this garbage . . . California needs to learn to spend less, not tax us more. California already has one of the highest tax rates in the US. These props are thinly veiled tax inreases to the site can spend still more. NO, NO, NO, NO, NO.
The old "Washington Monument" argument. If voters don't support our tax and spend policies, then criminals will run amok! Fires will burn continuously! No mention of illegals, anchor babies, ghetto criminals abusing the state Medi-Cal system after they get shot, or envirowackos running businesses out of state.
should read "increases so the state can spend still more."
I’m sick of these bastards regularly blackmailing us by threatening to let our homes burn down if we don’t cough up more exorbitant taxes for them to waste. Governor Shriver can stuff it.
Bankrupt the state before it bankrupts us.
The unions are in a panic on these measures, spending millions. Fortunately, the people have had enough and they will go down in flames, if they vote...
CA will do just that, the props are going down in flames.
F-I-R-E 1/3 of all government employees. Then take out the hatchet and start the real lopping.
aRnie’s Legacy
Fail Fail Fail
The total state budget is roundly $130 billion. So, we’re talking about a 15% problem. I wish my personal budget was that close. By the time we roll back the last two years worth of wage increases we’re maybe half way there.
http://www.youtube.com/watch?v=3tv2VVGuwBs
Remember when Benedict Arnold thought taxes were bad for business (see above link)...big phoney
Socialists don’t understand that every penny that the government receives in revenue comes from private sources. California has been driving private companies out of the state with taxes and regulations for decades. They pride themselves on being the most regulation-driven state. No coincidence, California is also the lowest credit rating state, because at the same time they were driving private companies out, they were relentlessly expanding government employment, and opening the border for millions of tax-cheating, under-the-table unskilled low-paid workers who demand oodles of “free” and very expensive government services provided by high-paid unionized government employees. California is rapidly approaching the socialist paradise - where everybody either works for the government or lives off the government, and real tax revenues are therefore zero. At some point the suckers will stop lending California money, when they realize that they can never be repaid, because there are no private workers left to pay taxes when everybody works for or lives off the government.
Before too long, the money will run out, so another fix can't be purchased, and the crash will begin.
Some people just have to hit rock bottom to learn their lesson. California is in a financial death spiral. Everything they do at this point to prolong the inevitable will just make it that much worse.
By all means, start cutting now.
Well, Gov Spanky, sounds to me like you need to find $21.3 billion in spending cuts.
Don't they teach arithmetic in Austria?
And introduce a bill to prohibit legislators and elected officials from setting their own salaries and expense accounts.
The sky is falling, the sky is falling, now give us some more tax money to fix it.
The guvernator was elected to fix Grey Davis' plan to fund current expenses with future debt. Sounded great.
Now the dumkopf is trying to outdo the Davis...
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