Just last month, I posted a few links to
federal government spending. Now it's
California's turn. (Although I live overseas, I cannot get out of California income taxes at the moment -- you must truly retire and sever
all ties.)
Unfortunately, California's situation is made far more complex by the voter initiative process. The various propositions voted in actually alter the state constitution. For example, if it previously required 50% to do XYZ but the initiative stated "we will do XYZ and raise the future margin to 90%", that 90% requirement becomes part of the base constitution and take in effect for all future elections.
So the voters have voted in all sorts of restrictions on taxing (e.g.,
Prop 13) and mandated requirements on spending (e.g.,
Prop 98). You might say the general public is just as in denial about fiscal realities as our government officials. After all, they keep voting to increase spending and limit taxes. (Not surprising of course since they use the same methodology on their personal bank accounts.) Combined with Federal mandates,
general hypocrisy and the 2/3rds budget/tax requirement, it's not surprising the California budget is just accounting gimmicks each year.
Here's an online tool to give budget balancing a try:
http://www.latimes.com/news/local/la-statebudget-fl,0,95571.htmlstory
(Filed in economics)
Surprise ... California budget crisis again
Posted by Mossy
November 13, 2010 8:58 PM
Unfortunately, California's situation is made far more complex by the voter initiative process. The various propositions voted in actually alter the state constitution. For example, if it previously required 50% to do XYZ but the initiative stated "we will do XYZ and raise the future margin to 90%", that 90% requirement becomes part of the base constitution and take in effect for all future elections.
So the voters have voted in all sorts of restrictions on taxing (e.g., Prop 13) and mandated requirements on spending (e.g., Prop 98). You might say the general public is just as in denial about fiscal realities as our government officials. After all, they keep voting to increase spending and limit taxes. (Not surprising of course since they use the same methodology on their personal bank accounts.) Combined with Federal mandates, general hypocrisy and the 2/3rds budget/tax requirement, it's not surprising the California budget is just accounting gimmicks each year.
Here's an online tool to give budget balancing a try:
http://www.latimes.com/news/local/la-statebudget-fl,0,95571.htmlstory
(Filed in economics)
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