Posted on 11/19/2012 8:45:56 AM PST by Texas Eagle
Editor’s note: The following is a cross post by Jane Wells that originally appeared on CNBC.com]:
The Golden State has been forced into a sort of economic rehab after years of runaway spending.
Now, California’s Legislative Analyst’s Office says the state may be bottoming, and there is reason to hope.
Californians just passed Prop 30, raising taxes, but the LAO says the state will still have to close a $1.9 billion budget gap over the next two years. However, there could be a budget surplus beginning in 2014.
“We’re not out of the woods,” said Lt. Gov. Gavin Newsom, a Democrat. “There’s a lot of desire, pent-up desire, to invest more in research and development and issues of education and the like, and so we’re going to have to hold the line.”
Newsom was speaking at the Milken California Summit in Beverly Hills, where the issue of the state’s economy and notoriously poor business climate were front and center.
Proposition 30 will raise the top state income tax rate to 13.3 percent for millionaires. “That’s not a great way to encourage folks to come here and stay here,” he said.
(Excerpt) Read more at theblaze.com ...
The Marxists are coming at us from every direction.
Or...there could not be.
The only surplus in California's budget is a surplus of deficits.
Insanity is doing the same thing over and over an expecting a different result. Watching the PBS program on the Dust Bowl. As the priceof wheat plummeted, they farmers plowed more and more land and planted wheat. They then found they could find no buyer, FDR [romosed to help, but in the end, what brought back “No man’s Land” was the return of the rains.
Insanity is doing the same thing over and over an expecting a different result. Watching the PBS program on the Dust Bowl. As the priceof wheat plummeted, they farmers plowed more and more land and planted wheat. They then found they could find no buyer, FDR [romosed to help, but in the end, what brought back “No man’s Land” was the return of the rains.
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