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Gee whiz, revenues appear to be going up slightly. At the same time AB 32 is accelerating job and revenue loses.
"State officials have been optimistic about the state controllers March cash receipts report that provided good news about burgeoning sales-tax revenues, but the Legislative Analysts Office released a letter today the same one provided to legislators on March 19 warning that it is unlikely that increased revenues will allow the state to avoid making the types of very difficult budgetary decisions for 2010-11 that we have identified as necessary in our recent publications.
The $1.2 billion in "new" revenues (thanks to tax increases) has not stopped the growth of the deficit (in total) to approximately $39 billion or the debt way north of $600 billion--or the explosion of the unfunded liabilities of the pension plans of government at all levels.
California is bankrupt, most cities and counties are bankrupt--the $1.2 billion shows why.
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"State officials have been optimistic about the state controllers March cash receipts report that provided good news about burgeoning sales-tax revenues, but the Legislative Analysts Office released a letter today the same one provided to legislators on March 19 warning that it is unlikely that increased revenues will allow the state to avoid making the types of very difficult budgetary decisions for 2010-11 that we have identified as necessary in our recent publications.
The $1.2 billion in "new" revenues (thanks to tax increases) has not stopped the growth of the deficit (in total) to approximately $39 billion or the debt way north of $600 billion--or the explosion of the unfunded liabilities of the pension plans of government at all levels.
California is bankrupt, most cities and counties are bankrupt--the $1.2 billion shows why.
More...