Schwarzenegger Hints at Raising Taxes

Budget incompetence

A short note to remind us that the california budget in 2000 - 2001 was 94 billion. In less than ten years we are looking a budget of some 140 billion. Gov Davis was fired for fiscal incompetence. Our current House and Senate must get this spending under control. The government does not produce anything of value...persons and businesses will leave the state if this keeps up.

Great editorial work here...

"Governor proposes drastic measures to get California in the red"

Umm...wouldn't that be 'in the black'. They're already plenty in the red. Maybe that's why so many in U.S. are in financial trouble, with even the 'educated' lacking a basic understanding of economics.

Subtitle

I thought it should have been "Governor proposes drastic measures to get California out of the red" -- but what do I know, I am only another foreigner who left California already 9 years ago.

It's always the same.

Instead of cutting bloated government programs which are gobbling up the budget, the Governor instead is going to give the voters an ultimatum: either let us borrow our way out or I'll tax you to death. What an awesome choice. Wall Street should avoid the former like the plague, and the voters should start to demand the legislature and the Governor look at ways to cut spending, and believe me, the fat is there to be cut.

borrow against the future lottery earnings.

I think things have gotten pretty bad, as far as the economy, over all. And as a tax payer I don't see anyway out of our problem, other than raising taxes, or borrowing against future lottery earnings. I would go with borrowing against future lottery earnings.

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