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Exactly! CA is doing much the same, driving taxes higher and higher for individuals and corporations. States need to realize that they can't tax themselves into prosperity.
Exactly. Because when that happens, people will just move in droves which will lower the tax revenue even further.
Nevada has low taxes and has the same exact problems CA has.
I thought Nevada had low taxes because of the gambling/hotel income. I hear that has slowed quite a bit. They likely also got caught in the mass building crunch as it was only of the fastest growing areas.
I saw an article where California is asking for TARP funds to use as a short term loan so that they can sell their long term debt. I was thinking, "That is AWESOME." and wondering if I could do that, too. First, I'd quit my job. Then I'd max the credit cards, taking me to about 25K in debt or so. Then I'd spend all my money in the bank, and have like $1.45 left for some sammiches for the week.
Then I'd look for someone to give me a short term loan until I could find someone to buy my long term debt.
The federal government should use the Troubled Asset Relief Program to buy the notes of any state that defaults, California Treasurer Bill Lockyer said in a letter to Treasury Secretary Timothy Geithner yesterday that was released by his office. A guarantee would make it easier for states to purchase the bond insurance policies they need to attract investors.
“If we cannot obtain our usual short-term cash flow borrowings there could be devastating impacts on the ability of the state or other governments to provide essential services to their citizens,” Lockyer said. “Such a scenario could also cause major disruption to financial markets.”
Ya know what else might be bad? Pouring money down a big money pit, with lots of people on the sides of the pit with big shovels and picks and backhoes, making the pit ever bigger so it can suck up more delicious money. How about "We got a plan to fix this." instead of "Need lots of money and we have no clue except need more money Kplzthx more money."
California could be so great. Talk to Californians. They'll tell you how great it is. At the same time, it was great because IT WASN'T REAL. It was an ILLUSION. Now, U.S. taxpayers are being asked to prolong the illusion.
It's not much different than my own personal delusion. Now, Gimme some money. I'm on my last sammich.
I need to find where you are shopping for sandwiches for a buck fourty five.. I havent found that place yet... clue me in
Arnie tried to cut spending in 2005. He had a bunch of no luck then, too.
In contrast to the somber mood in Schwarzenegger's camp, his opponents were jubilant. Lou Paulson, president of the California Professional Firefighters, raised a broom over his head as it became clear all four of Schwarzenegger's initiatives would fail, leading a party in a Sacramento hotel in chants of "Sweep!''
California Professional Firefighters President Lou Paulson, ....and other firefighters joined with Governor Schwarzenegger today to ask Californians to protect vital funding for fire protection and emergency response resources by supporting budget reform on California's May 19 special election ballot.
Had these budget reform measures been in place 10 years ago, California would have had a $9 billion reserve to help us face this year's budget crisis.
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That's hilarious, yo.
Exactly! CA is doing much the same, driving taxes higher and higher for individuals and corporations. States need to realize that they can't tax themselves into prosperity.
MO also has no job growth and high unemployment. The only difference is the lower cost of living.
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