Sunday, May 13, 2012

California facing higher-than-expected $16 billion budget shortfall

As California continues to tax and spend, like all Progressives do, what is the incentive for the "rich" to remain in the state? If I were rich and lived in California, I would move out of there as quickly as possible just like the rich are leaving France since the socialist was elected. Why should I work hard, become successful and allow the government to confiscate my income in order to pay off their political allies? It would be idiotic of me to stay in California. Or I could renounce my U.S. citizenship to avoid the confiscatory taxes like the co-founder of Facebook just did.

What does California offer that I can't get elsewhere? Nice weather? Florida has nice weather, too without a state income tax. California has nothing to offer except oppressive, leftist policies that smother individual liberty, innovation and entrepreneurship. The rich should leave California and allow it to collapse under the weight of the totalitarian state. - Reggie

SACRAMENTO, Calif. — California’s budget deficit has swelled to a projected $16 billion — much larger than had been predicted just months ago — and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday.

The Democratic governor said the shortfall grew from $9.2 billion in January in part because tax collections have not come in as high as expected and the economy isn’t growing as fast as hoped for. The deficit has also risen because lawsuits and federal requirements have blocked billions of dollars in state cuts.

“This means we will have to go much farther and make cuts far greater than I asked for at the beginning of the year,” Brown said in an online video. “But we can’t fill this hole with cuts alone without doing severe damage to our schools. That’s why I’m bypassing the gridlock and asking you, the people of California, to approve a plan that avoids cuts to schools and public safety.”

Brown did not release details of the newly calculated deficit Saturday, but he is expected to lay out a revised spending plan Monday. The new plan for the fiscal year that starts July 1 hinges in large part on voters approving higher taxes.

The governor has said those tax increases are needed to help pull the state out of a crippling decade shaped by the collapse of the housing market and recession. Without them, he warned, public schools and colleges, and public safety, will suffer deeper cuts.

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