[TigerLikesRooster]

P!

[unixfox]

One word for California:

DEPORTATION.

[Drango]

hope that revenue will improve

hopey, changey working for us yet?

[Old Texan]

Its all talk. Never gonna happen. They want the gubmit to come bail them out.

[EGPWS]

But we've done enough damage. And I'm not happy about it."

The first step is to admit that you have a problem.

[wita]

let’s see what kind of revenue options we have. But we’ve done enough damage. And I’m not happy about it.”

These jokers are convinced they are going to get a federal bailout.

I’m convinced the state should be the first to declare bankruptcy and make the tough decisions they should have made 20 years ago.

[Huskrrrr]

But I thought we would receive billions of bailout dollars. My shovel is ready!

[SmokingJoe]

Send the lawmakers to Singapore, so they can learn how to manage money properly:

“Singapore’S Recurrent Budget Surplus The Role Of Conservative Growth Forecasts
Aided by strong economic growth the Singapore government has been able to keep both the tax rate and the government expenditure rate low and yet generate healthy budget surpluses year after year. Although the gap between the tax rate and the government expenditure rate is the obvious source of the surplus, this paper shows the presence of another subtle source, a surplus generated by conservative growth forecasts that lay the base for revenue projections. An omitted variable bias in a model based on the tax smoothing hypothesis led us to consider the role played by the growth forecast error in predicting the budget surplus. Our computations show that on average the underprediction of the tax base (GDP) must have contributed about $376 million per year to the realized budget surplus over the period 1990-2005. This appears to be simply a byproduct of the Government’s philosophy of “fiscal prudence”.

http://ideas.repec.org/p/eab/macroe/1646.html

Wouldn't it be nice, if we had a government that regularly UNDERpredicts goverment income in their budgets, and actually made money from interest on the cash hoard that the government had accumulated from years of running budget surpluses? We need a revolution in this country.

[IllumiNaughtyByNature]

Here is a little quote from The Economist back in 2008 talking about the California ARM timebomb.

The biggest wave of recasts is due to happen in 2010 and 2011 [. . .] borrowers' monthly payments will then surge by 60-80%," (The Economist, 8/14/08).

BOOM!!

[Vaduz]

Revenue options,taxes,more taxes,tax on taxes,tax on taxing ......

[eyeamok]

Deceptive Headline at best, should read:

California Legislature attempts to put Band-Aid on Self-Inflicted Gunshot Wound.

[Freedom_Is_Not_Free]

California needs $25 Billion in budget cuts. Real budget cuts. Not cuts in future spending. A real $25 billion cut from the 2009-10 fiscal year budget.

This year’s budget fight is going to be nasty. I’ll be shocked if it really solves anything.

If I don’t see $25 billion in budget cuts from 09/10 FY, it ain’t going to matter.

We are so screwed here in California.