California: Record Spending as Tax Revenue Collapses by $5 Billion

American Thinker ^ | January 16, 2019 | Chriss Street

[artichokegrower]

As California Gov. Gavin Newsom announced plans for a record $144.2 billion spending plan, the State Controller quietly reported a $4.82 billion collapse of state tax revenues.

[artichokegrower]

When the bill comes due for all of those state employee six figure pensions and tax revenues continue their downward spiral the Great State of California will slide into the abyss.

[Red Badger]

Sounds like some Californians are ‘Going Galt’.........................

[rigelkentaurus]

Well that is easy to fix, I’m totally confident that kalifornica can find plenty of ways to extract another 5b and lots more from the folks there!

[joma89]

The Laffer curve strikes again!

JoMa

[G Larry]

But they still fund the train from nowhere to nowhere.....

[umgud]

The same majority that caused the collapse will be the rebuilders.

[circlecity]

"When the bill comes due for all of those state employee six figure pensions and tax revenues continue their downward spiral the Great State of California will slide into the abyss."

And then they will come to Uncle Sugar - demanding the rest of us bail them out and subsidize their cushy lifestyle that none of us can dream of enjoying.

[1Old Pro]

When the bill comes due for all of those state employee six figure pensions and tax revenues continue their downward spiral the Great State of California will slide into the abyss.

Yep, same for New York. They still have about 30 years to get these "older workers with extremely generous defined pension plans off the books.

[mewzilla]

2 words for CA: Laffer Curve.

[DungeonMaster]

I guess they’ll have to squeeze the rich a little harder.

[mewzilla]

We won’t slide into the abyss. NYS will tell Uncle Sugar to pay up. Anyone who thinks NYS, CA, IL aren’t everyone’s problem is sticking his head in the sand. Believe me, our legislatures are planning on trying to make it yours.

[Leep]

Hmmm..isn’t that almost what Trump is asking for the wall..?

[1Old Pro]

Believe me, our legislatures are planning on trying to make it yours.

As long as it doesn't hit the fan for 6 more years, when I leave NYS.

[Henchster]

"When the bill comes due for all of those state employee six figure pensions and tax revenues continue their downward spiral the Great State of California will slide into the abyss get a federal bailout."

You forgot that Kalifornia and Illinois are "Too big to fail."

[DaxtonBrown]

Time to RAISE TAXES and SPEND MORE ON ILLEGALS!

[dinodino]

Deporting all the illegals would probably move CA’s finances into the black, but they’ll never do it.

[1Old Pro]

Time to RAISE TAXES and SPEND MORE ON ILLEGALS!

They already know this secret elixir and are doing just that, same in NY.

[central_va]

Why I want to help #CALEXIT become a reality. The other 49 states need to dump them.

[Qiviut]

I’m totally confident that kalifornica can find plenty of ways to extract another 5b and lots more from the folks there!

+++++++++++++++++++++++++++++++++++++++++++++++++++++++

You are correct. The proposed tax on drinking water hasn’t kicked in yet & if that doesn’t do it, there’s the potential tax for breathing air & the high penalties for exhaling CO2.

[VTenigma]

This is un-possible, Moonbeam Brown was running a surplus. I can’t wait until Newsomcare comes to full bloom. Best economy in 3 generations and California revenues are down, wait, how does that happen?