Posted on 05/13/2008 7:56:25 PM PDT by NormsRevenge
SACRAMENTO (AP) - Gov. Arnold Schwarzenegger will propose borrowing against future state lottery revenue to help close a $15.2 billion budget deficit in the next fiscal year.
Administration officials told The Associated Press that the governor on Wednesday will propose raising $15 billion over the next three years by selling bonds based on anticipated lottery revenues and using about $5.1 billion in the 2008-08 fiscal year to help erase the deficit.
The other $10 billion would be left in a rainy day fund the governor wants to create as part of a budget reform proposal to ease the effect of revenue fluctuations from year-to-year.
Both the lottery plan, which would let the lottery pay out more in prizes in hopes of attracting additional revenue, and the budget reform proposal would require approval from voters on the November ballot.
The governor's spending plan will also avoid having to suspend the minimum school-funding guarantee, Proposition 98.
Stunned I tellya....stunned!
So this is like robbing Peter to pay Paul? How nice...
Kind of like paying a credit card bill with a credit card?
sigh...............hey Arnold; try cutting taxes and unbelievably stupid “social spending”; now there is a novel concept.
Or they could, um..... cut spending?
Remember, lotterys are for education.
It’s hard to teach an old Trojan Horse new tricks..
Is this a state or are we talking about a crack adict?
Cut spending + cut illegal alien support = < 1-year Payback
If only his brains were as big as his biceps...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I have an idea. Cut the cost of government.
This is why I prefer business to government. When a business spends more money than it takes in, it goes bankrupt. When a government does the same, it keeps on spending.
To laugh, or to cry...
He certainly is a borrowing dandy. Schwarzenegger never met a problem he couldn't solve by borrowing. Could it be a national obsession in Austria?
Hilarious! Just when you think the scumbags have used up every smoke-and-mirrors scam under the sun, they come up with a new one! They’ll do ANYTHING but rein in the out-of-control spending, and the obscene pay and perks for state employees and retirees..
I will sit here in Pennsylvania and laugh about it until it’s time for a federal bailout.
THEN I will be in my Senators’ and Congressman’s faces. “NO!”
TOTAL RECALL
“..borrowing against future state lottery revenue..”
—
I think I hear the fat lady flushing the toilet.
After buying gas for my car... I cannot afford to buy any lottery tickets...they are a luxury that I have to give up...
But what else can the poor man do? We all know there is no absolutely no fat or waste whatsoever in the California budget.
And two more “powerballs” to the lottery machine, number each ball from 0-255. That ought to reduce the odds of payout enough to make even more money for the state.
At least for a few months. And as the jackpot “grows” some mathematically unskilled persons will throw even more money to lottery tickets.
Where does the money that USED to go to education (before the lottery was established) now go?
California tax codes are kinder to those working in the entertainment sector than they are to those working in other fields. Perhaps the perks need to end. It is a billion dollar industry after all.
The state considers you to be negligent in your taxes. They depend on those dollars.
Can I borrow money collateralized by my future lottery winnings?
If a corporate CEO tried this he would be shuffled off to prison for fraud. Why are government CEO’s any different?
Why doesn’t he just star in Terminator IV, The Rise of Judgment Day in Sinking California, and donate the profits to the state coffers?
What a disgrace!
Scrappleface?
Proud to say this is one reason why I voted against the lottery.
Add two years more service to get retirement benies for ALL State Employees.
and what you sell /tax next year, and the year after?
>> The other $10 billion would be left in a reserve fund
that reserve fund will really last.
It’s the old ‘we’ll stick it away for a rainy day’ gambit we’ve heard before, and more than once the last few years.. the smoke and mirrors never stop nor does the spending and hence, the borrowing..
What’s the definition of insanity.. doing the same things over and over again and expecting different results?
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