Skip to comments.California: $62 billion [3-yr deficit if Arnold lets state spending continue on autopilot]
Posted on 11/15/2003 6:42:47 PM PST by John JorsettEdited on 04/12/2004 6:01:00 PM PDT by Jim Robinson. [history]
Sixty-two billion. Thatís the number the Schwarzenegger team wants you to remember. It doesnít have a whole lot of real-world significance, but you will probably be hearing it plenty just the same. Itís the number Schwarzenegger auditor (and Finance Director-designee) Donna Arduin has come up with to describe what would happen if the new governor, after rescinding the tripling of the car tax, left the rest of state spending and revenues on auto pilot throughout the three-year term to which he was elected. The $62 billion is the total of the annual deficits that would ensue under that scenario.
(Excerpt) Read more at sacbee.com ...
I did a bit of research on Dan Weintraub. He didn't like Gov. Arnold before the election, he seems to love tax increases of every stripe, and he's apparently a journalist for a very liberal paper (SAC Bee).
California is in the whole deep, and this debt will be felt in terms of reduced public services, increased taxes, and unless Arnold is very, very careful, and increases in the exodus of business and jobs from California.
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