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California to hand out IOU's instead of tax returns??

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posted on Jan, 15 2009 @ 03:38 PM
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You gotta see this...state has no money...so they may send out IOU's instead of checks? Unbelievable.

Budget Horror: New Year, No New Solution



The deficit clock outside the governor's office showed the state was more than $7.6 billion in debt as of Monday and losing $40 million each day the legislature fails to meet a compromise. State employees may be the first to feel the budget crunch. Gov. Arnold Schwarzenegger's executive order calls for furloughing state workers two days a month without pay.


www.msnbc.msn.com...
And i thought Michigan was in bad shape...wow.




posted on Jan, 15 2009 @ 04:05 PM
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Hmm, I may have to withdraw my job bid at work for a position near Sacramento, CA. I knew that it did not sound like a good deal, but receiving an IOU for a state income tax refund would nail in the coffin. Oh well.



posted on Jan, 15 2009 @ 04:47 PM
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This is just compounding by the minute:

www.abovetopsecret.com...

This should open a few more eyes.



posted on Jan, 15 2009 @ 05:02 PM
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reply to post by Ahabstar
 


Yeah...if this is any indication...i'd stay far away from California. Could other states be next?



posted on Jan, 15 2009 @ 05:09 PM
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Originally posted by David9176
reply to post by Ahabstar
 


Yeah...if this is any indication...i'd stay far away from California. Could other states be next?




You bet. 43 of 50 states are up to their eyeballs in debts they can't pay. All of them are teetering on the brink of insolvency. Things are going to be very ugly soon.



posted on Jan, 15 2009 @ 05:14 PM
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reply to post by projectvxn
 


Michigan has an unemployment rate of almost 10 percent..highest in the country. The state has been hurting for a long time and will only continue to worsen as the auto industry is based here.

Tough times are ahead...i knew that. More and more info comes out each day only confirming it.

People talk about the middle east being a powder keg ready to blow...heh..you can you those same words for our country's economy.

Edit spelling

[edit on 15-1-2009 by David9176]



posted on Jan, 15 2009 @ 05:17 PM
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Meh...... I owe this year for sure so this wont effect my return anyway.

I have never understood why people persist in getting big refunds at the end of the year. Its like loaning your money out with no interest.

I think some of this is political posturing to put pressure on the legislature to get its head out of its posterior and do something



posted on Jan, 15 2009 @ 05:20 PM
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I have a great idea...lets open up the borders and invite a few hundred thousand more illegal aliens into the sunshine state, that should fix the problem with the sagging economy



No jobs, rampant homelessness, draconian property taxes, home values literally 1/2 what they were just a year ago, and gang related violent crime at an epidemic level.


The Governator, Nancy Pelosi and Barbara Boxer are all grade A morons. They have managed to destroy what was once the most well financed and asthetically beautiful state in the entire union.


Soon it will be uninhabitable.



posted on Jan, 15 2009 @ 05:31 PM
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Thank God Indiana is one of the states that had a surplus this year



posted on Jan, 15 2009 @ 05:33 PM
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If California was allowed to produce, regulate, and tax their largest cash crop, they could get out of this mess quickly. So could many other States.

Which State will be the first to tell the Feds just to get out and let the people decide which industries will be good for the people?

Hey! It can be a new saying, "Why, that's about as good as a California Tax Return!"

If Cali does this (IOUs) it may be the first. Provided Sacramento doesn't get marched on, it won't be the last.



posted on Jan, 15 2009 @ 05:33 PM
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reply to post by BlackOps719
 


Maybe they should make their own currency and print it up by the trillions like the fed does.

Everyday it seems as if it could all fall apart as it gets worse and worse.

How can you stop the downward spiral? I don't think we can...all we can do is make it worse by trying to act on it with bailouts and stimulus packages...further increasing our debt and burden to the taxpayer.



posted on Jan, 15 2009 @ 05:40 PM
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reply to post by David9176
 



I lived in Socal for six years and I left the first chance i got because I saw it coming. I wouldnt move back to California now if you paid me, it is quite literally a time bomb waiting to erupt.

My advice is get out while you can.



posted on Jan, 15 2009 @ 05:42 PM
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California will collapse within two weeks. MARK MY WORDS.



posted on Jan, 15 2009 @ 05:53 PM
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reply to post by projectvxn
 


We'll see. They are certainly headed in the right path. I'm guessing the feds will come in and bail them out so the rest of the country can save California.

I can't speak for everyone...but i have enough BS on my plate....much more than i can handle. I don't want this....it shouldn't even be on the menu.

The crazy thing about this is all..this was aired on monday i think? I watched it when it was aired on tv and their was an interview with someone else..can't remember who...but i can't seem to find it. It was more than this short video. I'll keep looking.



posted on Jan, 15 2009 @ 06:08 PM
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Originally posted by FredT
Meh...... I owe this year for sure so this wont effect my return anyway.


You should try sending them an IOU, Fred.



posted on Jan, 15 2009 @ 06:11 PM
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For the most part I find that kind've fun, but at the same time I feel really bad for people who could have perhaps used that money.


So no one thinks I'm a twisted person I should explain why I find it funny, for the most part we play around with money and that has almost no value backing it up (Aside from gold which was backing it up at a point if I recall) now we have literally moved to just regular paper with I.O.U on it that could more than likely be scrapped at a later date. funny, but really sad how far down it has all gone.



posted on Jan, 15 2009 @ 06:13 PM
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Lol...yeah...everyone in california should just start sending their state IOU's for taxes instead of money...after all fair is fair right?

To quote Jim Carrey from Dumb and Dumber..

"Those are IOU's. That one's 250,000 thou...might want to hold on to that one."

[edit on 15-1-2009 by David9176]



posted on Jan, 15 2009 @ 06:15 PM
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I think anyone getting an IOU from a tax return should turn right around and pay their property taxes with it.

Did I see somewhere else that the governator said Cali is just weeks away from insolvency?



posted on Jan, 15 2009 @ 10:42 PM
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Well things are not so rosy here in Ohio either. After begging the federal government for some money for unemployment benefits, we now have enough to pay for the next two weeks.

On Dec. 23, the GM Moraine Plant closed. This ended the last of the automotive industry in Dayton, Oh. Dayton once had the nickname Little Detroit due to the number of automotive plants...I guess it can retain that nickname for other reasons.

Currently I work for a company that supplies parts for building locomotives. They are trying not to have a layoff, outlook is not so good unless something really changes. I have joked that they are just waiting for Ohio's unemployment funds to be gone before they announce a layoff.

Now I would say that they are trying hard to avoid a layoff but given that we mainly produce electric motors and they will not look into supplying motors electric cars, windmill technology or other electrical motor applications, I would have to say they are not trying very hard. Shortsightedness and lack of diversification, in is not just the financial institutions that suffer from these traits.



posted on Jan, 15 2009 @ 11:11 PM
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Arizona is rite behind them.

The schools here in my neck of the woods have dropped things like sports, art, music, etc. Some schools have went to a 4 day week to save money, and more are considering it.

State offices are also going to a 4 day week.

But ya, that porn industry wants its 5 billion ...or whatever the number was.



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