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California "faces insolvency within weeks"


SAN FRANCISCO, Jan 15 (Reuters) - California Gov. Arnold Schwarzenegger said on Thursday the state "faces insolvency within weeks" and that he will put new policies on hold until there is a deal with lawmakers to close the budget gap, which will top $40 billion over the current and next fiscal year.

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What about the unreported

CAFR1.com money???

I'm from California and I've done some cursory research...

into the issue.

Our budget has increased ridiculously over the past few years:

(Amounts in millions)
$99,424 2000 budget
$105,377 2004 budget
$125,603 2007 budget
$141,038 2008 budget

Most of the new expenditures are on items categorized under Health & Human Services, and Education. The problem is many of our State Congressmen don't want to pair back those programs to their 2004 levels, and they can't agree on whether they ought to hike taxes, or cut something else.

Ordinarily this wouldn't be such a problem, but in California we require a super majority to enact a budget, making possible for minorities to oppose both new spending and spending cuts.

I guess the moral of the story is requiring super majorities to enact budgets can be a double edged sword.

I actually like the concept of requiring a super majority in order to enact a budget... however I would amend it so that every government program would sunset automatically after five years or whenever the state's expenditures surpassed its revenue.

Here's a link to the CA Budgets from the past 10 years on the off chance you want to poke around.

They said that weeks ago.

sh*t or get off the pot.

northstar's picture

They're worried bigtime

Mayor Kevin Johnson says talk is cheap, they need action.

Show your support on the Ron Paul Map !
People worldwide support Dr. Paul too :-)

Real eyes realize real lies

We want our country back

Every year is a year for Ron Paul!

British TV is full of adverts for tourism in California.

Arnie, his wife and Rob Lowe are all begging us to spend money there.

"That Socialism would be immediately practicable if an omnipotent and omniscient Deity were personally to descend to take in hand the government of human affairs is incontestable." - Ludwig Von Mises.

It's a nice place... come on down...

The weather is nice, and we promise not to rip you off too badly. ;)



I reserve the right to govern myself.

I reserve the right to govern myself.


2008 CAFR not listed yet...


'Show Me The Money!'

Regarding Palin: I believe we are watching in real time the rise of the third party, which will be controlled by the powers that be from its' inception.

Next Scam: "Cash For Cash"


That, and their stupid

That, and their stupid support of so many illegals, makes it really hard for me to feel a shred of sympathy.





It's simple.

It's very simple. They need to massively cut the scope of unaffordable government here. It's them or us. And if "us" goes under, there will no longer be a "them" to collect taxes from.
Talk to someone new every day. You'll be surprised what you learn.

"The main thing that I learned about conspiracy theory is that conspiracy theorists actually believe in a conspiracy because that is more comforting. The truth of the world is that it is chaotic..." —Alan Moore

Right on time ... Just as I thought ....


Bump for the front page.

Great find.


where do I send the brownie

where do I send the brownie badge and the cookies Rhino!

"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson

I am more concerned about the return of my money than the return on my money. --Mark Twain