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I love government speak. The new budget has NO deficits--it just has $15 billion in "shortfalls". If anybody knows the difference between a deficit and shortfall, please let me know.
For two weeks I have been writing that after the budget revision, the deficit will be $15 billion--I was right on the nose. But, that is the start. By Labor Day it will hit $20 billion and if not honestly fixed it will hit $30 billion by Thanksgiving. What the article implies that the $15 billion is over several years--that is wrong. That amount is going to hit immediately. Notice they can tell us the deficit for next year--but not the year we are in, which has 11 more months.
"Emily Raimes, Moody's vice president and senior analyst, said that the plan adopted this week may stop the state's credit rating from dropping further, but added that eliminating the deficit "was achieved through a combination of cuts, raids on local funds, accounting maneuvers and one-time revenues that leave the state poorly positioned for budgetary balance in future years."
At least the credit bureaus are honest, even if those in charge of Sacramento are not.
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For two weeks I have been writing that after the budget revision, the deficit will be $15 billion--I was right on the nose. But, that is the start. By Labor Day it will hit $20 billion and if not honestly fixed it will hit $30 billion by Thanksgiving. What the article implies that the $15 billion is over several years--that is wrong. That amount is going to hit immediately. Notice they can tell us the deficit for next year--but not the year we are in, which has 11 more months.
"Emily Raimes, Moody's vice president and senior analyst, said that the plan adopted this week may stop the state's credit rating from dropping further, but added that eliminating the deficit "was achieved through a combination of cuts, raids on local funds, accounting maneuvers and one-time revenues that leave the state poorly positioned for budgetary balance in future years."
At least the credit bureaus are honest, even if those in charge of Sacramento are not.
More...