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California’s Cash Crunch: Ay, Caramba!

Posted on May 7, 2009
AP photo / Rich Pedroncelli

Legislative Analyst Mac Taylor talking to reporters about his analysis of Gov. Arnold Schwarzenegger’s proposed 2009-10 state budget in January.

California is running short on cash fast—$23 billion short. According to chief legislative budget analyst Mac Taylor, the Golden State may not have enough moolah to keep it going through July, and this after across-the-line tax hikes approved in the February budget package.

The Los Angeles Times:

“Without additional legislative measures to address the state’s fiscal difficulties or unprecedented amounts of borrowing from short-term credit markets, the state will not be able to pay many of its bills on time for much of its 2009-2010 fiscal year,” Taylor wrote.

[...] He further warned that if lawmakers put off acting until well into summer, state finance officials could be forced to take measures even more extreme than those taken during the winter budget impasse, when taxpayer refunds, student grants, welfare checks, money owed to vendors and other payments were suspended.

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By CAMP, May 10, 2009 at 6:11 pm Link to this comment
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California sends $1.00 to the FEDs and gets 78 cents back. That’s an outflow to the rest of the country of $8,000. per Californian per year.  Unlike Texas which effectively breaks even, we carry the rest of the country.  The rest of you better hope we stick around.  Secession is looking better and better.  Now Obama wants to impose a confiscatory tax on the export earnings of our top jobs-producers.  What a lame-brain idea.  Net $500bln over the last 8 years to carry those whiners from Mississippi and Louisiana and “free-marketeers” from Virginia.  Welfare-queens, all.  Virginia takes $ 1.51 for every $1.00 they pay in Federal taxes.  Cantor better discover how much he likes San Francisco….

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By AHnold, May 9, 2009 at 1:15 pm Link to this comment
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We need to stop putting budget and tax laws to the popular vote every couple of months. 

If we’re going to have a representational government in Sacramento, let’s let them do the passing of tax laws, and not every Tom, Dick and Harry through hugely expensive (and hugely likely to fail), frequent propositions.

California also needs to stop doing everything with bonds and borrowing (against the lottery, property tax, future General Funds, etc).

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Leefeller's avatar

By Leefeller, May 8, 2009 at 1:50 pm Link to this comment

We should legalize prostitution, not just for politicians. I know, not a nice thing to say about prostitutes.

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By Blazer X, May 8, 2009 at 12:14 pm Link to this comment
(Unregistered commenter)

..wait for it..wait..ahhhhh!(exhaling)..I’m glad the Governator is gonna take over D-dog’s turf that last batch reeked! Dude, maybe we’ll finally get some quality control.if it was like up to me..uhh what were we talking about??

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By Jeff S., May 8, 2009 at 8:29 am Link to this comment
(Unregistered commenter)

For those of you who wish to see marijuana legalized and taxed I urge you to read this (keep your mind open):

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By David, May 8, 2009 at 4:22 am Link to this comment
(Unregistered commenter)

Stop paying for Illegals and send them all home.  How’s that for correcting your economy??

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By howie bledsoe, May 8, 2009 at 2:11 am Link to this comment
(Unregistered commenter)

Is that a giant joint in his hand in the photo there?

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By G.Anderson, May 7, 2009 at 9:05 pm Link to this comment

Politics in California is a failure.

Time to replace all of them, every single last one of our representatives should be removed from office, it’s the only way to be sure the madness won’t start again.

California’s will continue to suffer, unless we re call them all.

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By coloradokarl, May 7, 2009 at 8:57 pm Link to this comment

Just leagalize it and the California economy would turn around in two years. Sales taxes from the poor and middle income would generate money and jobs imediatly. sales tax on marijuana would just encourage the politicians…....

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By PatrickHenry, May 7, 2009 at 4:25 pm Link to this comment

Time to legalize and tax marijuana.

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