Posted on 05/14/2009 11:03:18 PM PDT by bruinbirdman
The California Governor, Arnold Schwarzenegger, wants to sell state property, including the Los Angeles Memorial Coliseum and San Quentin State Prison, to raise $600 million to $1 billion over the next two to five years.
He said that thousands of state employees must be laid off and billions of dollars must be slashed from the budget to deal with a deficit that tops $15 billion and could widen again within days.
The state approved billions in budget cuts and revenue increases earlier this year but they were not enough to keep up with a sharp drop in tax revenue as the recession batters the state's economy.
California still faces a deficit of $15.4 billion in the fiscal year that starts July 1. That will grow to $21.3 billion if voters reject budget-related measures during a special election next week.
Starting on Friday, the administration will send layoff notices to 5,000 state government employees, a move that is designed to cut the general work force by 5 per cent but would take months to complete. Funding for health and human services and the higher education system also would be cut.
If voters reject the ballot measures next week, as polls indicate they are inclined to do, education will be cut by a total of $5.4 billion and the school year will be shortened by 7.5 days. Mr Schwarzenegger said that will lead to teacher layoffs and larger class sizes.
Under the larger deficit, Mr Schwarzenegger also proposed transferring illegal immigrants in the state prison system to federal custody.
The governor wants to sell state property, including the Los Angeles Memorial Coliseum and San Quentin State Prison, to raise $600 million to $1 billion over the next two to five years.
The recession has taken a deep toll
(Excerpt) Read more at telegraph.co.uk ...
And developers (campaign donors) await in the background, salivating at the opportunity.
No matter that there is no replacement for San Quentin, or that it will cost billions to build/establish a new facility.
We can just borrow more money for that, while blowing the cash from the sale on yet more increases in State spending.
Great plan, Arnie. Bankrupt the state and then sell it off piece by piece to your buddies. It’s Sick!
Perhaps Bono ... maybe we can convince him to put these folks up in his Irish cottage - then again maybe not.
I don’t think he has any intention of selling the prison. I believe it’s the only prison that houses the death row prisoners.
So it’s a scare tactic for the tax increase votes next week. “Voters, you don’t pass, I’m closing down the biggest prison”
blah blah blah...Vote no, straight down the ballot.
If Kalifornica really wants some fast bucks, they should put some old growth forest out to bid. There are a few million acres available.
yitbos
I was thinking that a Mexican (other country) Drug Cartel may want San Quentin.
Alcatraz. Now there’s a nice piece of real estate.
If they just had some unpaid bills but already had established a responsible budget that eliminated the projected deficit, selling an asset might make sense. But that is not the case. Instead, it would be like selling your home, deferring all other debt for a year, and using all the cash to pay for a lavish one-year worldwide vacation. You have nothing to show at the end but come back to huge financial obligations.
Speaking of “following the money,” who do you think was proposing to sell SQ four years ago?
Perhaps agreeing to carry the water again got him a few endorsements?
http://www.signonsandiego.com/news/state/20050521-1058-ca-californiaprisons.html
He also said he wants to sell the huge and popular Del Mar Fairgrounds. Seems that elected officials are hypnotized and determined to sell to the lowest bidder all of what makes America America at a fire sale.
Donators... er... developers would KILL to acquire that parcel!
Well, there is a real opportunity. After all, the price of real estate is just booming and it’s a sellers market!
Oh, wait... Never mind.
Du hast recht.
I know from whence you speak. Unfortunately, conservatives have tried to starve governments in the past. In KA, also. So they passed bonds.
Now that CA has reached its limits, once again Uncle Sam, with its ability to print money, will come to the rescue of civil servants in the form of muni bond insurance.
There are just too many non taxpayers for these propositions not to pass. Your only hope is low voter turnout.
yitbos
Yay! I translated that right (and confirmed with google, lol)
I think these propositions are going to go down in flames. Selling the lottery, Prop 1C, is one of the most unpopular (as it also calls for increasing it's size). Prop 1A is getting a whole lot of bad press and the dishonest campaign is not helping the cause of the big-spenders. Despite having outspent the opposition 10 to 1, they're not doing a great job selling it. And many of those unions have actually joined the "No" side of the argument.
STARVE the BEAST! The only real solution. I hope Uncle Sam doesn't come to the "rescue" and reward the irresponsible behavior of our state government.
According to this 1992 Forest Service publication, if you eliminate National Park, National Forest, Native American, and private lands, California has only 77,500 acres of old growth in state parks and 5,360 acres in state forests.
There is a town, Tamil, California, that is associated with San Quentin. As far as I know that is where a lot of the guards live. I wonder if it is up for sale.
1992? Says December 1993 in the top left corner of the first page.
Who is going to buy it? Especially when they take a look at all those property/whatever else taxes that they’ll get hammered with when they do?
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