Schwarzenegger Declares Fiscal Emergency in Calif., page 1

Schwarzenegger Declares Fiscal Emergency in Calif.

www.newsmax.com

SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address California's $11.2 billion deficit.

The state's revenue gap is expected to hit $28 billion over the next 19 months without bold action. The emergency declaration authorizes the governor and lawmakers to change the existing budget within 45 days.

The state is likely to run out of cash in February.

"Without immediate action, our state is headed for a fiscal disaster, and that is why ... I am wasting no time in calling a fiscal emergency special session," Schwarzenegger said in prepared remarks.

(visit the link for the full news article)

It is now official that the US is in recession. The state of California is just the beginning. Do you think that increasing Tax will solve the problem in California? This will only increase the burden in the population and discourage businesses in the short term.

The Expected Deficit is $28 Billion. I wonder how much is the deficit in the other States?

Is the money Printing machine out of Ink yet??

www.newsmax.com
(visit the link for the full news article)

reply to post by all2human

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The End of that empire will bring the entire world down with it. Some of you may think that China and Russia will benefit from it....The truth is that their economy depends on the Health of The US Economy.

reply to post by duffster

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A nail in the coffin it is.... Just wait when the other states starts crying for help, then we will see where does the billions and trillions come from. This whole business of bailout will only make things worst.

reply to post by rattan1

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Not really.
Russia has already pulled out of the economic disaster they had when the ussr broke up. They will be fine.
If the dollar fails then China will unpin their currency from the dollar and the yuan will only increase in value. They will just start buying their own product instead of shipping it to us via wal-mart.
There are 4 times as many Chinese as Americans.

reply to post by badgerprints

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Russia did pull out of their economic disaster when the USSR broke up. However, they are back in disaster again. The main export of Russians today are Gas and Petrol and the price of both these product are plummeting on the market. Some years back Russia did not even had a stock market, now they have and this makes them vulnerable to the world economic shocks. The war they had with Georgia did not help at all when Billions of Dollars in capital fled the country.

As far as china is concerned, most of their products are for export and they cannot afford to buy their own products. They may have four times more people than the US but the Purchasing Power of One American is worth 4 Chinese or maybe more and not to mention the Huge sums of money they have invested and lent to the US.

As much as both China and Russia would like to see the US collapse, they know that it cannot happen without they going down with the US.

[edit on 1-12-2008 by rattan1]

Instead of USA printing more Dollars why not cut spending on their military. USA spends more on Military that both Russia and China combined. Last year a budget of $600 billion was voted for the DOD. Please read Article bellow its shows how much can be saved by getting rid of some useless DOD projects.

Expert: Obama Can Find Billions in 'Bloated' Pentagon

reply to post by Karlhungis

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Speaking of Big Boys, they are declaring themselves poor now. They come to Washington in private Jets for a Bailout and going back home in Car so that we can pity them.

Ford CEO Will Return to Washington by Car

Ford CEO traveling by car, what a disaster........ The government should take more of our tax money and give it to him so that he can travel by private Jet again.

They are just a bunch of blackmailers..... Give me the Billions or i make the poor workers suffer more......

reply to post by rattan1

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The gesture of a politician giving up his salary due to hard times means nothing to me. These guys get so many kick backs from lobbyists that their salary is just an icing on the cake.

And biomehanika, I gave you a star. Your post was spot on.

Originally posted by Karlhungis
reply to post by rattan1

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The gesture of a politician giving up his salary due to hard times means nothing to me. These guys get so many kick backs from lobbyists that their salary is just an icing on the cake.

I agree with you but i want to point out is the greediness of those at the top. It may be icing on the cake for them but this could feed many on the streets. Millions, Billions or trillions it is never enough and they will hang on to each and every cent.

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