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Wow, a newspaper willing to be blunt:
"Reviving California's economy requires more than a job-creation plan heavy on political rhetoric and light on practicality. Dubious financing and unrealistic projections do not make sensible state policy, and the Legislature should reject the governor's latest proposal to buy jobs with public money."
Arnolds' budget STARTS $13billion in deficit--and that is not counting unrealistic tax revenues. It plans to illegally transfer funds--that has cost us more than $5 billion in the past year in lost lawsuits.
"Of course, the state's general fund faces a $20 billion budget shortfall over the next 18 months, and has no money to spend on a jobs program. So the governor would borrow the money for the jobs program from the state's disability insurance fund, and repay the loan by scrapping subsidies for some businesses.
Borrowing from special funds to pay for a program the state cannot otherwise afford is always a sign of trouble. And why does the state have expendable business subsidies after a year when the budget gap stretched to $60 billion?"
We are in trouble and California needs to stop borrowing from bond sales or illegal fund transfers. That only gets us deeper into the Great California Depression.
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"Reviving California's economy requires more than a job-creation plan heavy on political rhetoric and light on practicality. Dubious financing and unrealistic projections do not make sensible state policy, and the Legislature should reject the governor's latest proposal to buy jobs with public money."
Arnolds' budget STARTS $13billion in deficit--and that is not counting unrealistic tax revenues. It plans to illegally transfer funds--that has cost us more than $5 billion in the past year in lost lawsuits.
"Of course, the state's general fund faces a $20 billion budget shortfall over the next 18 months, and has no money to spend on a jobs program. So the governor would borrow the money for the jobs program from the state's disability insurance fund, and repay the loan by scrapping subsidies for some businesses.
Borrowing from special funds to pay for a program the state cannot otherwise afford is always a sign of trouble. And why does the state have expendable business subsidies after a year when the budget gap stretched to $60 billion?"
We are in trouble and California needs to stop borrowing from bond sales or illegal fund transfers. That only gets us deeper into the Great California Depression.
More...
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