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Heads On A Stick Come Tuesday California Should Have a Fifteen Billion Dollar Surplus
Good Morning Gentle Readers,
TWC is permitted to comment on pending issues before the voting populace that have taxation as a material element. That would include pretty much the entire ballot for California's special bankruptcy vote on Tuesday May 19. With respect to that, TWC recommends a no vote on 1a, 1b, 1c, 1d, 1e.
Propositions 1A and 1B increase the General Fund directly through
taxation, and Proposition 1C increases the General Fund via borrowing.
These propositions provide a one-step process for increasing
unrestricted funds. Propositions 1D and 1E take funds that taxpayers
voted to spend on mental health services and children’s services and
reroute those monies to pay for services that are currently paid out of
the General Fund
Unlike my usual schtick (heh), I'll keep this simple. California is flat broke because they spent all the money. By comparison, drunk sailors are paragons of fiscal integrity. The added virtue is that drunk sailors spend their own money, not yours.
If California had simply limited its spending increases to the 4.38
percent average increase in the state's consumer price index and
population growth each year since FY 1990-91, the state would be
sitting on a $15 billion surplus right now.