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The real purpose of the budget deal is to stop the interest charges on schools to pay payroll. Also, to help the Treasurer to borrow ANOTHER $5 billion to pay vendors not paid since July 1,2010.
Here are some of the leaked details of the fraud that will be voted on Thursday. Hopefully, the legislators will vote NO and demand an honest budget.
1. The Feds will give us $5 billion--that they have to borrow. So far Arnold has prayed for $3.4 billion--the Feds have promised $1.3 billion
2. Arnold has agreed to a $1.4 billion TAX INCREASE for businesses--he does this by holding back the 2009 approved tax credits for two years. How many jobs will this tax increase cost California workers?
3. Arnold,or the next Governor will sell $1.4 billion worth of government buildings. he was to sell $3 billion in the last fiscal year and sold almost nothing. Oh, over 30 years, it will cost us $1.5 billion to lease back the facilities--this is a money loser.
4. Then, to balance the budget, they pretend that revenues will increase by $1.4 billion. This is the face of higher taxes, more joblessness and AB 32 and SB 375. This is called the fudge factor--or in real life, it is called fraud, accountants go to jail doing this.
5. The State has $8 billion worth of bills and only $1 billion in the bank,according to State Controller John Chiang
6. Arnold wanted $12 billion cut from the budget--he got only $7.5 billion
7. The State will now have to borrow another $10 billion ($15 billion in total) to pay for the lack of cash flow. More interest paid to Wall Street and fewer jobs for Californians.
8. Government schools are borrowing money, if no budget by mid October$7.6 billion in infrastructure projects will stop. Pass a phony budget and you can continue to lie to the bankers about your finances.
What is the truth--thanks to Arnold and his Democrat friends, "Aaron McLear, spokesman for Schwarzenegger, acknowledged the challenges and said multiple years of multibillion-dollar deficits are "going to require us to make very difficult decisions. That remains the case."
After six years of deficits adding up to $140 billion, we can expect many years of high deficits. This budget STARTS with a deficit of $9.5 billion--and growing.
None of this takes into consideration paying $10 billion for lost lawsuits due to illegal acts by the Governor and legislature. None of this takes into consideration paying back the billions stolen from Trust Funds. None of this takes into consideration the bankruptcy of dozens of cities or the pension explosion.
Now you know why California will stay in a Depression for a generation.
More...
Here are some of the leaked details of the fraud that will be voted on Thursday. Hopefully, the legislators will vote NO and demand an honest budget.
1. The Feds will give us $5 billion--that they have to borrow. So far Arnold has prayed for $3.4 billion--the Feds have promised $1.3 billion
2. Arnold has agreed to a $1.4 billion TAX INCREASE for businesses--he does this by holding back the 2009 approved tax credits for two years. How many jobs will this tax increase cost California workers?
3. Arnold,or the next Governor will sell $1.4 billion worth of government buildings. he was to sell $3 billion in the last fiscal year and sold almost nothing. Oh, over 30 years, it will cost us $1.5 billion to lease back the facilities--this is a money loser.
4. Then, to balance the budget, they pretend that revenues will increase by $1.4 billion. This is the face of higher taxes, more joblessness and AB 32 and SB 375. This is called the fudge factor--or in real life, it is called fraud, accountants go to jail doing this.
5. The State has $8 billion worth of bills and only $1 billion in the bank,according to State Controller John Chiang
6. Arnold wanted $12 billion cut from the budget--he got only $7.5 billion
7. The State will now have to borrow another $10 billion ($15 billion in total) to pay for the lack of cash flow. More interest paid to Wall Street and fewer jobs for Californians.
8. Government schools are borrowing money, if no budget by mid October$7.6 billion in infrastructure projects will stop. Pass a phony budget and you can continue to lie to the bankers about your finances.
What is the truth--thanks to Arnold and his Democrat friends, "Aaron McLear, spokesman for Schwarzenegger, acknowledged the challenges and said multiple years of multibillion-dollar deficits are "going to require us to make very difficult decisions. That remains the case."
After six years of deficits adding up to $140 billion, we can expect many years of high deficits. This budget STARTS with a deficit of $9.5 billion--and growing.
None of this takes into consideration paying $10 billion for lost lawsuits due to illegal acts by the Governor and legislature. None of this takes into consideration paying back the billions stolen from Trust Funds. None of this takes into consideration the bankruptcy of dozens of cities or the pension explosion.
Now you know why California will stay in a Depression for a generation.
More...