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During Governor Brown’s press conference Monday, he was asked what would happen if voters reject the continuation of taxes set to expire this year. He replied, take all the budget cuts we’re making now and multiply by 2. Ouch. The cuts he announced are already severe and draconian. They are across the board, and [...] From an in-depth Reuters article on California’s dismal financial situation. California faces an identity crisis. If the world’s eighth largest economy has any chance of restoring its former glory, it will have to reverse course drastically and quickly, becoming less socially progressive and more friendly to business. The Golden State doesn’t just need to go [...] So, what happened? California used to be the promised land, the place everyone else seemingly wanted to move to, especially during the Rose Bowl Parade when it was freezing back East and sunny in SoCal. You could almost hear families saying, ‘let’s move where it’s warm and the economy is booming.’ But that was [...] The California budget deficit could now reach $28 billion over the next 18 months due to estate tax cuts proposed by Obama. These cuts will cost California $2.7 billion in expected revenue, as it raises the excluded amount from $8 million to $10 million, and lowers the tax rate from 55% to 35% on [...] Faced with the two charging rhinos of the California budget crisis, these rhinos being higher taxes and fewer services, governor-elect Jerry Brown apparently will choose to adroitly sidestep them, allowing them to go charging into the laps of you, the voter, who will then decide what to do. This is political judo at its [...] Outgoing Gov. Schwarzenegger has made a final attempt to solve the budget crisis by calling a special session of the legislature. But the Democrats yawned, saying they’d sooner wait for incoming governor Jerry Brown whereupon they resolutely plan to work on a “global solution” to the budget rather than the “piecemeal” foolishness being proposed [...] You read that headline right. In his weekly radio address on Saturday, Gov. Schwarzenegger said Republican legislators tried to block badly needed public pension reform. The reason for this seemed to be because they were getting large contributions from the prison guards union. He said he expected Democrats to oppose pension reform because “most [...] In a truly epic feat of irresponsibility and cynicism, the California legislature, after months of battles, passed a budget that solves none of the underlying problems. The projected deficit for next year is already estimated to be at least $19 billion. They labored mightily and noisily for months and accomplished nothing but evading responsibility [...] The California legislature announced they have reached agreement on a budget! However, first reports indicates the budget, which is over 90 days late, relies on “optimistic financial projections,” “creative” bookkeeping, and an assumption the the feds will helicopter in more money than expected. In other words, they’re just making shit up and nothing has [...] What would an election be in California without dueling propositions? Prop 25 would roll back the 1933 proposition which changed the budget vote threshold to two-thirds. Also on the ballot in November is Proposition 26, which would mandate a two-thirds vote for any new fees or levies. In an Op-ed, the Sacramento Bee says Prop [...] |  | ||||
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