On Thursday a small group of Senate and Assembly members will hold the first of what's expected to be a slew of daily public sessions to wrangle over the details of the budget.
Schwarzenegger has called for cuts that would hit every corner of the state. He announced plans to lay off 5,000 of the state's 235,000 workers and has proposed slashing education by up to $5 billion, selling state properties, borrowing $2 billion from local governments and potentially reducing eligibility for healthcare programs.There is only one way to control spending: Cut taxes.
Sure, California has been able to borrow and whatnot until now. But their attempt to securitize future lotto proceeds failed. Thus far their pleas for a bailout from the Feds have failed too. I'm sure they'll give that at least one more go.
Even in one of the more liberal states in the country, higher taxes couldn't get a majority. Let this be a lesson to Congress: Eventually all your borrowing & spending is going to lead to higher taxes. When you do, you will get tossed. And whoever replaces you will cut your beloved nanny-state programs & the taxes that fund them.
At least, that's my "hope of the day."
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