Friday, March 27, 2009

California Gambles and Loses

Higher taxes, deeper cuts ahead, state officials decide
California will sustain $948 million in spending cuts and $1.8 billion in higher taxes after fiscal leaders announced Friday that the state will not receive enough federal budget relief to avoid those measures.

As part of a $40 billion deficit solution, state lawmakers and Gov. Arnold Schwarzenegger asked state Treasurer Bill Lockyer and Department of Finance Director Mike Genest to determine by April 1 whether California will receive $10 billion in federal budgetary aid through June 2010.

Here are the Propositions:
Proposition 1A
State Budget. Changes California Budget Process. Limits State Spending. Increases "Rainy Day" Budget Stabilization Fund.
Proposition 1B
Education Funding. Payment Plan.
Proposition 1C
Lottery Modernization Act.
Proposition 1D
Protects Children's Services Funding. Helps Balance State Budget.
Proposition 1E
Mental Health Services Funding. Temporary Reallocation. Helps Balance State Budget.
Proposition 1F
Elected Officials' Salaries. Prevents Pay Increases During Budget Deficit Years.

Guess what. Only 1F has a chance to pass.

Add it up. $6b from vote failures, $8b from Fed shortfall vs assumed, $8b from revised revenue expectations.


Unknown said...


been ages since i've been here...what's going on Rob Dawg?

TJandTheBear said...


Tyrone said...

Hey, maybe this will make the stock market go up EVEN HIGHER!!! HURRAYYYYY!!!!


Akira said...

Great film, but I'm in the minority who prefer To Have and Have Not.
"You just put your lips together and blow" mesmerized me as kid in a nearly empty artsy old theater in Vienna.

Akira said...

On a vaguely related note, Evi wishes you a Happy Fishnet Friday in high res.

w said...

The radio ads on AM that are selling California bonds are hilarious. But, I do not think they are meant to be.

Here is a funny related YouTube clip

TJandTheBear said...

revised revenue expectations

You know how the best jokes are those based on a running theme?

Akira said...

Didn't Saturday Night Fever take place in New York?

w said...

Classic Craigslist

W.C. Varones said...

Rob, I hope you're right and that's the way the polls look right now, but it's too early to be confident. Schwarzenegger has a lot of money to run a campaign of deception

Please help spread the word that Prop 1A is a fraud and a massive tax increase.

H Simpson said...

Calfornia has the nut cases running the state. They are screwed.

What is next, black miniskirts and fishnets?