For the past several years California residents have been tortured with late state budget resolutions filled with all kinds of promises, however, each and every time the financial problems were not solved and spending continued to spiral out of control. This time legislators say it’s different. This time the budget problems will be solved.
Really?
A new California Field Poll out this week sheds more darkness on an already hostile economic environment in the Golden State. Nearly all voters in California, 93 percent, describe the state’s economy as being very bad and only 26 percent of those voters think the financial outlook will improve in the coming year.
More than half, 52 percent, say their bank accounts have declined in the past year and only 30 percent of these Californians think economic situation will improve in the immediate future.
Another tidbit for voters to chew on is California is also home to the third largest unemployment rate, nearly 13 percent, is home of the city with the highest unemployment rate in the country, El Centro, more than 27 percent and despite the talks of a new budget, the $20 billion budget deficit has not been erased. The smoke and mirrors from Sacramento politicians are fooling no one.
California dreaming has Governor Arnold Schwarzenegger convincing lawmakers in Sacramento that the federal government will pony up $5 billion dollars (of course this money will come with an IOU from China), as well as new rosy economic outlook (Sacramento thinks they will pick-up more in tax revenue, $1.4 billion to be exact). The con game being played in Sacramento should make Californian’s angry, but somehow each election cycle voters reelect the same old suspects and this year doesn’t look anymore promising.
According to Stephen Frank of CA Political News, the Sacramento budget shenanigans are just beginning. The following are some examples of faulty bookkeeping.