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Old 05-08-2009, 11:39 AM
 
Location: San Diego, CA
10,582 posts, read 9,738,398 times
Reputation: 4172

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The PRCalif state constitution says they must balance their budget every year. Recently they've been pretty much ignoring that by various devices. They also have a state law that says any tax increase must be approved by 60% votes in the Assembly and Senate, something they haven't been able to ignore.

The highly liberal legislature has been increasing spending every year, and tax revenues haven't kept up. And now with the liberal-created recession the country is in, state revenues are fallinng even more. The deficit they're facing this year is large than the entire budget of many foreign countries.

Gov. Ahnold was elected based on his "No tax increases" promise. But at the latest budget negotiation, he accepted some, so people are pretty pissed at him. Why they aren't pissed at the legislators (including Ahnold) who keep spending more and more money they don't have, I'm not sure.

Still, the only way this year's budget would "balance", is if some special ballot propositions pass on May 19, 2009. They are basically tax increases, disguised as other things. If those don't pass, then PRCalif will have a deficit of some $30 billion or more.

And it looks like voters are seeing thru the disguises: Polls show ALL those special propositions (Prop 1A, 1B, 1C, 1D, 1E, 1F) are losing, possibly excepting 1F. 1F is a silly one that lowers legislators' pay if they fail to pass a balanced budget on time. I might vote for that one, though its money-saving potential is trivially small.

Fasten your seat belts, folks. If the largest-population-and-budget state in the union goes bankrupt, how will that affect the rest of the country? Or the Fed budget?

--------------------------------------------------

W.C. Varones Blog: Prop. 1A poll: going down harder!

5.07.2009
Prop. 1A poll: going down harder!

Last week, we noted that Proposition 1A was going down 40-49, but that the politicians and special interests were beginning a big-dollar media blitz to promote it.

Well, after millions in ad spending and Schwarenegger threatening to let California burn unless we pass his tax increase, have the people been cowed?

Nope. I can't find it online yet, but KFI radio is reporting a new Public Policy Institute of California poll putting support at 35% and opposition at 52%. I'll post the link when I find it.

-----------------------------------------------------

UPDATE (5/8/09): Here's the news story:

Voters are 'turned off' by ballot measures, poll shows : State : Ventura County Star

Voters are 'turned off' by ballot measures, poll shows

by Timm Herdt (Contact)
Friday, May 8, 2009

As the Legislature’s nonpartisan fiscal adviser warned Thursday of a looming cash crisis that will become more severe if the special election ballot measures are defeated, a new poll shows voter sentiment against the measures is strong and rising.

A survey of 1,080 likely voters by the Public Policy Institute of California shows all five fiscal-related measures trailing less than two weeks before the May 19 special election, with the negative sentiment highest among those who say they are most motivated to vote.

“The voters who are tuned in are really turned off,” said pollster Mark Baldassare.

It shows likely voters are opposed to Proposition 1A 52 percent to 35 percent, against 1C 58 percent to 32 percent, leaning against 1D 45 percent to 43 percent, and opposed to 1E 48 percent to 42 percent.

It looks like you wouldn't know about this poll if you got your news from the L.A. Times. Now that KFI and the W.C. Varones Blog are breaking news stories, will the loudmouths at the L.A. Times at least make some uninformed comments? Will they be wearing pajamas when they do?

Posted by W.C. Varones at 3:45 PM
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Old 05-08-2009, 11:54 AM
 
Location: SE Arizona - FINALLY! :D
20,460 posts, read 26,211,281 times
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If the US was forced to follow the same balanced budget rules that California is under, the US would have declared bankruptcy under Reagan - and remained there through all the Bush 1 years and up until around the midpoint of the Clinton years, returned to solvency for a few years, then immediately returned to bankruptcy under Bush 2.

Virtually every state in the Union is in a similar position to California in regard to being unable to balance the budget.

Ken
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Old 05-08-2009, 12:17 PM
 
Location: San Diego, CA
10,582 posts, read 9,738,398 times
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Quote:
Originally Posted by LordBalfor View Post
If the US was forced to follow the same balanced budget rules that California is under, the US would have declared bankruptcy under Reagan
Prrobably. Despite the large tax revenue increases that followed Reagan's lowering of tax rates, Congress under Tip O'Neill renegged on O'Neill's promises to cut spending, and passed huge entitlement spending increases instead. They threatened to cancel Reagan's tax cuts and military buildup if he didn't sign, and Reagan caved and signed them.

Subsequent liberal administrations (Bushes, Clinton, and now Obama) have followed that Congress's lead, increasing spending hugely, and now we're starting to pay the price.

What a surprise.

PRCalifornia may be the first domino to fall. They probably won't be the last.
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Old 05-08-2009, 12:23 PM
 
69,368 posts, read 63,814,416 times
Reputation: 9383
Didnt California just get bailed out by the US Govt?
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Old 05-08-2009, 12:28 PM
 
Location: Sacramento
14,044 posts, read 27,101,372 times
Reputation: 7373
Quote:
Originally Posted by pghquest View Post
Didnt California just get bailed out by the US Govt?
Maybe, but they just got into a bit of a squabble though over pay cuts. Apparently, California went to the Federal folks with a list of what they needed to fund, then once they got a committment they decided to do some reprogramming:

Reporting from Sacramento -- The Obama administration is threatening to rescind billions of dollars in federal stimulus money if Gov. Arnold Schwarzenegger and state lawmakers do not restore wage cuts to unionized home healthcare workers approved in February as part of the budget.

U.S. threatens to rescind stimulus money over wage cuts - Los Angeles Times
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Old 05-08-2009, 02:03 PM
 
Location: San Diego, CA
10,582 posts, read 9,738,398 times
Reputation: 4172
Quote:
Originally Posted by pghquest View Post
Didnt California just get bailed out by the US Govt?
Yep. And after that money arrives, they'll still be $billions in the red.
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Old 05-08-2009, 02:28 PM
 
Location: Great State of Texas
86,052 posts, read 84,107,183 times
Reputation: 27718
Please..they have been going bankrupt for almost a year now. Do it already !!!!
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Old 05-08-2009, 02:45 PM
 
Location: The Woods
18,332 posts, read 26,352,341 times
Reputation: 11328
CA has been bankrupt for years, they've just been using smoke and mirrors to hide it.
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Old 05-08-2009, 09:08 PM
 
Location: Southern California
15,083 posts, read 20,391,397 times
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Quote:
Originally Posted by arctichomesteader View Post
CA has been bankrupt for years, they've just been using smoke and mirrors to hide it.
And the state government has been sticking its collective head in the sand and refusing to make difficult, but correct, decisions.
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Old 05-08-2009, 10:10 PM
 
Location: Florida
1,782 posts, read 3,925,871 times
Reputation: 964
Sorry to see a state go bankrupt, but that's what happens when the politicians blunder around like they have been...

Though it's good to see that the CA voters have seen through this smokescreen, perhaps now they'll start booting these incompetent politicians out of office soon......
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