Surprise Surprise - Cali In The Hole $16 Billion

Discussion in 'Politics & Religion' started by pspr, May 13, 2012.

  1. pspr

    pspr

    LOS ANGELES — The state budget shortfall in California has increased dramatically in the last six months, forcing state officials to assemble a series of new spending cuts that are likely to mean further reductions to schools, health care and other social programs already battered by nearly five years of budget retrenchment, state officials announced on Saturday.

    Gov. Jerry Brown, disclosing the development in a video posted on YouTube, said that California’s shortfall was now projected to be $16 billion, up from $9.2 billion in January. Mr. Brown said that he would propose a revised budget on Monday to deal with it.

    “We are now facing a $16 billion hole, not the $9 billion we thought in January,” Mr. Brown said. “This means we will have to go much further and make cuts far greater than I asked for at the beginning of the year.”

    Mr. Brown disclosed the news in a video that had all the trappings of a campaign announcement. In it, he aggressively accounted for the steps he said he had taken to try to scale back a $26 billion deficit he found upon taking office. And he urged viewers to back an initiative he is putting on the November ballot that would increase sales taxes by 0.25 percent and impose an income tax surcharge on wealthy Californians to try to stave off more cuts.


    http://www.nytimes.com/2012/05/13/us/huge-new-shortfall-predicted-in-california-budget.html?_r=1&hp
     
  2. BTW, Cali, and Illinois, are past the event horizon. We will need a bailout. When either of us defaults, that's when things will get interesting:D
     
  3. pspr

    pspr

    I guess California will have to start printing their own "Cali Bear Bucks" to pay off their debts. I don't feel like the rest of the U.S. can or should bail them out.
     
  4. 9th largest nation goes belly up due to socialism.

    The whining leftist's will once again claim nobody saw it coming.
     
  5. Tsing Tao

    Tsing Tao

    +1
     
  6. Whats really funny about this story, is that in January the estimated shortfall was just 9 billion, and 4 months later its up to 16 billion.

    "Whoops sorry guys, you that obscene 9 billion dollar deficit we had in January? Turns it its actually twice as bad, Dont worry though cause we are super duper serious about solving the problem this time"

    Is there anyone in the world besides government who is this useless?
     
  7. Lucrum

    Lucrum

    We shouldn't, fuck'em both.
     
  8. 377OHMS

    377OHMS

    I was stunned to read that Orange County alone has 10 billion dollars in unfunded pension liabilities.

    That is alot of money for a single county. This will be the second time that Orange County goes bankrupt.
     
    #10     May 13, 2012