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"Like many other states around the country, California is facing continued revenue shortfalls as personal income and corporate taxes falter. But California lawmakers are also facing the implosion of expected cost savings, as lawsuits and other factors have reduced or eliminated savings that were figured into the budget passed in July.
For instance, the budget called for moving at least $1 billion earmarked for transportation uses into the general fund, a move challenged by transit advocates, who have prevailed in court. Further, the state was recently enjoined from making an $80 million cut to social service programs. Then there is the assumed revenue from the sale of part of the State Compensation Insurance Fund, a move that the state insurance commissioner, Steve Poizner, has filed a lawsuit to block."
In fact approximately $10 billion in "savings" have been declared illegal or under lawsuit--that the State will lose.
California is in deep trouble. When the pension implosion hits, sometime next year, the State government could actually collapse.
Time for a real voter revolt.
More...
For instance, the budget called for moving at least $1 billion earmarked for transportation uses into the general fund, a move challenged by transit advocates, who have prevailed in court. Further, the state was recently enjoined from making an $80 million cut to social service programs. Then there is the assumed revenue from the sale of part of the State Compensation Insurance Fund, a move that the state insurance commissioner, Steve Poizner, has filed a lawsuit to block."
In fact approximately $10 billion in "savings" have been declared illegal or under lawsuit--that the State will lose.
California is in deep trouble. When the pension implosion hits, sometime next year, the State government could actually collapse.
Time for a real voter revolt.
More...