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California tax revenue plummets in July, raising fear of trigger cuts
latimes.com ^ | 8/10/2011 | Michael J. Mishak

Posted on 08/10/2011 10:52:13 AM PDT by dragnet2

July income was $539 million lower than expected, leading many to doubt the state budget's assumption of economic recovery and a $4-billion windfall. If revenues remain low, drastic education cuts will kick in.

California's tax revenue plummeted in July, missing expectations by nearly $539 million and raising fears that deep education cuts will be needed to keep the state budget balanced.

The plunge occurred before the recent Wall Street gyrations that wiped away many of the year's stock-market gains. If the economy remains sluggish and the $4 billion does not materialize, cuts in public schools, universities, libraries, child care, and services for the elderly and frail will automatically take effect.

"Every drop in revenues puts us closer to the drastic trigger cuts that could be imposed next year," state Controller John Chiang said

In Washington on Tuesday, the Federal Reserve sharply downgraded its outlook for the American economy

California's education cuts will kick in if finance officials determine revenue to be $2 billion or more below expectations as of December. If enacted, the $1.5 billion in school reductions could shrink the academic year by as many as seven days in some districts.

(Excerpt) Read more at latimes.com ...


TOPICS: Front Page News; Government; News/Current Events; US: California
KEYWORDS: aliens; ca; corruption; democrats; govtabuse; liberalfascism; liberals; progressives; socialism; taxcheatparty; taxes; unionpensions; unions
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To: dragnet2
surprise, surprise, surprise

And you mean to tell me that losing up to 7 school days in some districts is the end of the world? Surely there has to be enough fluff in the schedule that core curriculum need not suffer.

21 posted on 08/10/2011 11:12:55 AM PDT by NonValueAdded (Murray / Baucus / Kerry? I've had better picks come out of my nose.)
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To: HGSW0904

Ooopsie. Got so riled I posted twice.

Clean up on aisle 20, please?


22 posted on 08/10/2011 11:13:51 AM PDT by HGSW0904
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To: dragnet2

One, two three...”UNEXPECTED”!!!

Surprise Surprise Surprise!!!

Even Gomer Pyle would’ve figured SOME of this out by now...


23 posted on 08/10/2011 11:14:40 AM PDT by mo
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To: dragnet2

Unexpectedly...


24 posted on 08/10/2011 11:15:36 AM PDT by SZonian (July 27, 2010. Life begins anew.)
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To: Jim Robinson

Don’t you mean $80 billion?

http://www.freerepublic.com/focus/f-news/2761663/posts


25 posted on 08/10/2011 11:16:53 AM PDT by Freedom_Is_Not_Free (SP12: They called Reagan "unelectable", too.)
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To: dragnet2
...leading many to doubt the state budget's assumption of economic recovery and a $4-billion windfall...

LMAO!!
Show me one person who actually believed that fraudulent budget assumption and I will show you an utter moron.

26 posted on 08/10/2011 11:22:53 AM PDT by Lancey Howard
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To: WMarshal
Notice that they make cuts to education first, cuts that affect Americans

Wrong, this state and other states have opted to educate half of Mexico....They've jammed and choked off all levels of education, heath care etc,...As big biz off shored your jobs for cheap commie labor, all while these corrupt little government kingdoms opted to roll out the red carpet of millions of low wage illegals while forcing the tax payers to foot the bill.

This is ending in utter disaster, right before our eyes.

27 posted on 08/10/2011 11:23:06 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

sounds like the perfect time to build a multi-billion dollar bullet train no one will ride!

/s


28 posted on 08/10/2011 11:32:33 AM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: TexasFreeper2009

Yoofs will ride it looking for stupid white liberals to roll.


29 posted on 08/10/2011 11:42:36 AM PDT by junta ("Peace is a racket", testimony from crime boss Barrack Hussein Obama.)
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To: Freedom_Is_Not_Free

If this is not insanity, I have no idea what is. Socialist-Democrat infested and already bankrupt California gleefully plunges eighty billion dollars deeper into debt. Train wreck with reality on the tracks ahead!


30 posted on 08/10/2011 11:46:18 AM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Jim Robinson
I am absolutely convinced everything happening in this country which is is directly being caused by government at all levels, is totally intentional in an effort to destroy America as we know it.

They could not come up with better country killing plans, if they sat behind closed doors, in meetings where the only purpose of the meeting was to concoct plans to compromise and undermine this country.

How could this possibly have been mismanaged so bad, without it being intentional?

31 posted on 08/10/2011 11:55:03 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: NonValueAdded

is it to be presumed that if school days are cut, that the teachers and other workers have their pay cut?.....because with the rats and the govt class, you can never predict it..


32 posted on 08/10/2011 11:59:07 AM PDT by cherry
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To: dragnet2

HA HA HA. The California Pols can’t say they weren’t warned about reckless legislative spending along with giveaway programs that were, from the beginning, un-sustainable. It’s like watching a train wreck in slow motion. California is about to come off the rails.


33 posted on 08/10/2011 12:15:45 PM PDT by semaj (Anybody who claims that violence never solved anything is a liar..., just ask the government.)
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To: umgud
What does "citation needed" and numerical references mean?

Examples:

California Data Exchange Center[citation needed]
California Access for Infants and Mothers[1]

34 posted on 08/10/2011 12:18:03 PM PDT by Cobra64 (Common sense isn't common anymore.)
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To: Cobra64
What does "citation needed" and numerical references mean?

That information can only be obtained by writing to the California Department of Inquiries and Obscure Questions. You'll have to submit a finger print, copy of your passport, SSN, a current utility bill, and a self addressed stamped envelope. Expect 36-48 weeks for for a written response.

35 posted on 08/10/2011 12:28:38 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Cobra64

This was a cut & paste from Wiki.


36 posted on 08/10/2011 12:37:25 PM PDT by umgud
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To: dragnet2
"If the economy remains sluggish and the $4 billion does not materialize, cuts in public schools, universities, libraries, child care, and services for the elderly and frail will automatically take effect.

And the cuts for state employees are where????

37 posted on 08/10/2011 12:50:35 PM PDT by Beaten Valve
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38 posted on 08/10/2011 12:58:28 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: dragnet2
How could this possibly have been mismanaged so bad, without it being intentional?

On the most part, I don't think its a nefarious plot. I believe this is what happens when you allow a bureaucracy to be managed by mediocre managers with no accountability.
Budgets are not treated seriously, and painful layoffs never occur.
Middle managers, and directors, continue to grow their fiefdoms in the good times and the bad.
Unscrupulous politicians care only about getting elected and promise pensions and benefits to union workers that can never be met.
Voters pass School bond after School bond (hey, were all for educating the childrun - aren't we?) - believing that throwing money at a black hole will turn it into a supernova...

I don't think its a nefarious plot - just human nature. Unfortunately, if you read the Bible you understand human nature is naturally depraved (prideful, greedy, covetous, ...).

Our Founding Fathers (who, on the most part, actually had a real reverence and fear for God -- and didn't use Him as a 'prop') created a recipe that should have worked: a very limited Government with a large number of rights granted to the people. They understood that people were ruled by God - and Government was merely for administrative purposes. They used to be called 'public servants'. However we as a people have allowed this 'limited Government' to become 'god' and have an unlimited budget and unlimited control over our rights and lives... And thus, here we are...

39 posted on 08/10/2011 1:00:52 PM PDT by El Cid (Believe on the Lord Jesus Christ, and thou shalt be saved, and thy house...)
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To: dragnet2

Race riots next?


40 posted on 08/10/2011 1:10:13 PM PDT by JSU Gamecock
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