California Begging
OPS_admin | Dec 26, 2009 | Comments 0
The once-great state of California has been reduced to begging from the federal government. But no matter how much help the feds give, the state’s fiscal ills won’t end until its lawmakers stop spending money.
To say California is a mess is an understatement. In the current fiscal year, the state is expected to post a deficit of $21 billion as the budget continues to spiral out of control. Even after last year’s epic budget battle, when Californians were hit with $12.5 billion in new taxes and $6 billion more in borrowing, the state still isn’t close to bringing revenues and expenditures into balance.
So Gov. Arnold Schwarzenegger has an idea: He wants President Obama to give him $8 billion — or else, he says, he’ll kill or slash most of the state’s welfare programs, cut pay for 200,000 state workers and end two tax breaks for big corporations.
How far the Golden State has fallen. Once the nation’s unquestioned economic and innovation leader, it’s now a laggard. With 13% of the country’s population, it has nearly a third of its welfare recipients. Though it’s still the world’s seventh-largest economy, it’s in danger of sliding backward as its fiscal and economic crises drive jobs and workers away.
Full Story Investors.com – California Begging.
Filed Under: Economy - Labor
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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