Posted on 01/10/2006 10:03:26 PM PST by Amerigomag
Finance Director Michael Genest got back to me and said he misspoke when he said the operating deficit would be $5.5 billion in 2007-08. He now says it would be bigger. And he's provided the chart that shows the projection for the annual operating deficits for several years going forward. The numbers:
2005-06 $2.6 billion
2006-07 $6.4 billion
2007-08 $6.6 billion
2008-09 $9.7 billion
2009-10 $8.6 billion
And this in good economic times. Wow.
Buried in a budget appendix is this fact: total state tax collections as a percentage of personal income are expected to reach an all-time high this year (05-06) of $8.39 per $100 of personal income. That would surpass the $8.18 at the height of the tech boom in 1999-00, when the state was running a multibillion-dollar surplus. Hmmm.
(Excerpt) Read more at sacbee.com ...
More record spending
More record taxation
As far as the eye can see
The CAGOP really stepped in it with this European liberal.
What the hell were they thinking!
Nobody would give a few of us here the time of day when we told the others that they were making a big mistake. This man has set the conservative agenda back many years. I would fund a recall if I had the dough.
Blah blah blah blah.
Cali is a huge economy. Arnie is doing really well.
The negativity you put forth is not well thought-out, nor is the linking you presented (the link doesn't work).
Leave Arnie alone. He's got greatness in motion. He's not even raising taxes and it the budget doesn't call for additional borrowing. Fiscal responsibility - balanced. Got a beeeeeef? Call your buddy Gray Davis.
It's no big deal. He's a Republican < /FairOpinion >
Hey newbie - there are a bunch of dedicated Cali FReepers who have tracked and documented all of Schwarzenkennedy's mis-steps down to a T. Please review the Cali threads before telling us to leave poor widdle Arnie alone.
total state tax collections as a percentage of personal income are expected to reach an all-time high this year (05-06) of $8.39 per $100 of personal income.
Those pesky little facts. Ruins a good argument based on blindly, loyal feelings every time.
Snickering.
On that subject, I remember that day when I received a notice in the mail, directly from Davis, that I ought to pay $200 or $300 more in car tax just because he needs my money.
It was fortunate that he lost the job before my renewal was due. And the new governor cancelled the tax first thing, and mailed everyone to say that if they paid already they have a refund coming.
Screw Ahnie. Jerk.
No "newbie" here. Born and raised in Calif and here a long time on FReep.com.
Arnie is doing great. No jabs necessary. Find something else to complain about.
Arnie is running California into the ground.
Schwarzenegger actually reinstated a General Fund subsidy of the VLF. The VLF remains intact at 2% of assessed valuation. You still pay it thought your General Fund contribution.
Those pesky little facts. Ruins a good argument based on blindly, loyal feelings every time.
ftp://ftpgovbud.dof.ca.gov/pub/BudgetSummary/FullBudgetSummary.pdf
While the Strategic Growth Plan will increase the budgetary costs of debt service from the current level of just under 5 percent of General Fund revenues to nearly 6 percent, it does so in a fiscally prudent manner. Given the long time frames inherent in major capital programs, this increase will not occur for several years. Long before that time arrives, the state will have eliminated its remaining structural deficit and be well able to assume this additional debt. The track record of the last two years indicates that we are well on our way to doing so, probably in 2007-08.
As described in the Introduction section, the state faces a continuing structural budget deficit. While the Governor’s Budget continues to make progress in reducing this deficit, more work remains to be done. This plan assumes that the state will eliminate the remainder of the structural deficit within the next one to two years.
Well, he does have a point...it's difficult to discern who is Democrat from among the Schwarzenegger threads because every time anyone tries to interject a tad of support for the Governor, we get called all sorts of ridiculous screed.
I have my problems with Schwarzenegger as a moderate and not a conservative. But, he's better than Davis and better than Bustamante, Heaven's forbid.
Now what we need is a Republican in the Governor's office and more of them in the state legislature. It's possible. It can happen. Until that time, we have Mrs. Maria (my own disappointment dig, I admit it).
Um, NO, you've got that wrong. California WAS ALREADY "run into the ground," and Arnold's now driving the, um, cycle. At least not farther under.
He made a terrible error in his staffing and he's paying the price for hubris. He should have remembered that Republicans got him into office and governed accordingly. The disappointments come from his pandering to the Democrats, who will never, ever, budge or meld into the sanity that the rest of the state so wants and deserves. I think that's Arnold's biggest error, trying to appease the Democrats inorder to, supposedly, represent "everyone" and "get things done."
Because it's only turned conservatives off, among other specifics, and made Schwarzenegger appear to be far more liberal than he says he is (my vote's still out about that).
He's now, almost certainly, considering that he needs Democrats moreso inorder to be re-elected and us Republicans are nonplussed entirely. I just don't know at this point who I'll vote for in the next election, and if there's an actual conservative who runs, I'll vote for them and not Schwarzenegger. Mrs. Maria should take note.
HOWEVER, at this point, I can't see denigrating Schwarzenegger any more than he has been by the Democrats. It's not serving any purpose. I do wonder how some of us can get our perspectives heard, however, but in the greater reality of things, at least we have Mrs. Maria and not Davis, and not Bustamante. I still find that horrid that Bustamante was even being considered for the Governor's office.
We need a charismatic Republican in the Governor's office. Arnold can return to the fold, or, lose a re-election. I'd like to see him return to the fold, however.
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