California: Gov't is $16B in hole, up from $9B. Gov Brown calls for higher taxes

[Cowlesy]

http://www.nytimes.com/2012/05/13/us/huge-new-shortfall-predicted-in-california-budget.html?_r=1&hp


“We are now facing a $16 billion hole, not the $9 billion we thought in January,” Mr. Brown said. “This means we will have to go much further and make cuts far greater than I asked for at the beginning of the year.”

Mr. Brown disclosed the news in a video that had all the trappings of a campaign announcement. In it, he aggressively accounted for the steps he said he had taken to try to scale back a $26 billion deficit he found upon taking office. And he urged viewers to back an initiative he is putting on the November ballot that would increase sales taxes by 0.25 percent and impose an income tax surcharge on wealthy Californians to try to stave off more cuts.

State officials said Mr. Brown’s proposal would include a package of immediate cuts, as well as others that would be triggered only if voters failed to approve his tax plan. The sales tax increase would expire after four years, while the income tax surcharge would last for seven years.

That'll fix the problem, turn the screws on the productive AND everyone just trying to get by. Taxes are already ridiculous in California. Why doesn't he get it that they're just living beyond what they can afford to support, and they just need to make big cuts???

[Philosophy_of_Politics]

http://www.nytimes.com/2012/05/13/us/huge-new-shortfall-predicted-in-california-budget.html?_r=1&hp



That'll fix the problem, turn the screws on the productive AND everyone just trying to get by. Taxes are already ridiculous in California. Why doesn't he get it that they're just living beyond what they can afford to support, and they just need to make big cuts???

It's easier to spend other people's money.

[thoughtomator]

This will continue until there's no money left to steal. Any business person in CA with two brain cells to rub together ought to be in the process of relocating and/or closing up shop.

[Spikender]

Freaking ridiculous. The stupid never learn their lesson, do they? They think raping more and more from the populace is the only way to get by on their bloated budgets.

I don't think they've ever even heard of cutting spending. It just does not compute with these big government blowhards. They are sincerely out of their mind if they think they can eliminate their debt and keep spending as they do by increasing taxes. All that will do is drive more people out of California and put them deeper in their already deep hole.

Too bad our Federal Government feels the same way about their debt. Oops, I meant our debt.

[brushfire]

According to the US debt clock, CA is doing much worse than described here. 361 Billion in the hole with a deficit of ~$55 Billion.

That's ok though, the Bernack doenst start blushing until ~16 Trillion.

Sub crunch with spend 0:26


http://www.youtube.com/watch?v=XpF6am8F3QM

[Spikender]

According to the US debt clock, CA is doing much worse than described here. 361 Billion in the hole with a deficit of ~$55 Billion.

That's ok though, the Bernack doenst start blushing until ~16 Trillion.

Sub crunch with spend 0:26


http://www.youtube.com/watch?v=XpF6am8F3QM

Oh, of course California doing worst than described. The Government is always doing worst than described. They can never own up to just how badly they've fucked up. Nope, they've always gotta sugar coat it for us commoners, so that they can avoid making us have a conniption.

[slamhead]

I am just disgusted we have Brown as governor again. He sucked then...he sucks now. California is so full of libtards it is ridiculous. I don't even bother debating liberals here anymore.

[Noob]

Hollywood movie industry should move out of California in protest of higher taxes.

[RonRules]

I am just disgusted we have Brown as governor again. He sucked then...he sucks now. California is so full of libtards it is ridiculous. I don't even bother debating liberals here anymore.

Actually Brown made some serious cuts (total cut, in fact) of the huge redevelopment agency. To give you and example, Riverside County's debt (about 3.4 Bil) is 1/2 due to redevelopment debt.

Schwarzenegger never made any cuts. He only increased gov.

[PatriotOne]

Someone tell them to check their investment funds accounts. They might find a zillion $'s in there they can free up instead of acting like paupers with their hands out to the minions.

"The Biggest Game InTown" about the Government CAFR wealth shell game

http://www.youtube.com/watch?v=jkwjtbTjTsE

[angelatc]

http://www.nytimes.com/2012/05/13/us/huge-new-shortfall-predicted-in-california-budget.html?_r=1&hp



That'll fix the problem, turn the screws on the productive AND everyone just trying to get by. Taxes are already ridiculous in California. Why doesn't he get it that they're just living beyond what they can afford to support, and they just need to make big cuts???

Well, at least the Hollywood liberals will be paying a little more towards their "fair share," right?