New! Unimproved! CA budget deficit worsens
Anyone who thinks that an overwhelming Democratic majority in a legislature can solve economic problems should look at California’s budget deficit.
(Note added May 24, 2009: By the way, those who have followed this blog for any length of time have probably noticed that I tend to criticize BOTH major political parties equally, at least this is my intent. In California, both parties certainly have earned the criticism. (Note added June 9, 2009: …and occasional PRAISE!) (Note added June 20, 2009: Do these legislators even THINK before they propose a new law?) For those of you who don’t already know, Governor Arnold Schwarzenegger is a MODERATE [how in the heck did THAT happen out here? 
] Republican.)
State Controller, John Chiang (a Democrat), recently described the economic situation as, “California’s financial condition is in the basement.” The state budget deficit grew from $21.3 billion (Californians rejected budget items in a recent special election) to $24.3 billion, a cash deficit of $40 billion. Chiang told CA lawmakers that declining tax revenues will push the state’s treasury $2.1 billion into the “red” in July.
Chiang urged lawmakers to pass a budget by the June 15 constitutional deadline. Given the history of recent years and the collection of ideologues and extremists in the California Legislature, I wish Mr. Chiang good luck! Chiang noted that California already has the worst credit rating in the country and is at risk for further downgrades, according to many market participants.
State Treasurer, Bill Lockyer (another Democrat), supported Chiang. Lockyer believes that the addressing of the budget deficit will consist exclusively of budget cuts and warned of possible delays in payents to local governments, schools, and universities, short of a budget fix.
-Bill at Cheshire Cat Photo™
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