This is bad, very bad, this is the mark of the second great depression.
SACRAMENTO — If Gov. Arnold Schwarzenegger were to fire every employee in state government tomorrow, it would easily patch California's
enormous deficit, right? Not even close.
But surely shutting down all state prisons would do the trick? That, too, would only get him about a quarter of the way there.
Now what if he were to close every prison and cut off funding for health care and other services for the poor? Now we're in the ballpark.
Schwarzenegger on Thursday delivered his annual State of the State address, and there was only one topic on his mind: A budget deficit that's
ballooned to $40 billion through mid-2010.Please visit the link provided for the complete story.
Source: How big is California's budget hole? Try these numbers on for size
Not only California, but other states are starting to feel the pinch too...
The state could eliminate all-day kindergarten and save $218.3 million next year, according to a plan presented to lawmakers this week.
And there could be an additional $218 million in savings in the budget year that starts July 1 if lawmakers opt to suspend money sent to the schools
for such things as furniture, textbooks and school buses.
No cuts to these programs are proposed for the current year.
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These are among the details contained in a phone-book-size document released Friday. It outlines more than 500 budget-cutting options from the
state's two budget chairmen to help the state close a $1.6 billion deficit this year, as well as an anticipated $3 billion deficit in 2009-10.
Please visit the link provided for the complete story.
Source: Budget plan details program
ST. PAUL -- With the state facing what he described as "historic challenges," Gov. Tim Pawlenty on Thursday warned that solving the state's
$4.8 billion deficit will require significant cuts but also investment to boost Minnesota's economy.Please visit the link provided for the complete story.
Source: Minnesota's budget fix: Big cuts, economic
The era of tax and spend where our governments run up huge deficits in order to keep up with an economy based on speculation is coming to and end. The
check is on the table and it's time for everyone to pay the tab.
California being the worst off certainly is in a big pickle. Sending out IOU's to it's taxpayers it owes money to, putting off creditors, cutting
services. What we are seeing is the impact of this Depression. We can no longer think of this as an economic recession, it's a full blown Depression
people. The kind of problems faced in this country during the first great depression are coming back. If anyone learned lessons from history it
certainly was not our governments.
The only real way to fix this huge problem is for our Federal, State, and Local governments to work together to curb spending, and to put people to
work. Americans at work are the only way that we are going to get out of this budget hole. Tougher restrictions on illegal workers has to happen. Part
of the problem is the massive amount of our economy supporting Mexico. Another part of the problem is these companies shipping our jobs overseas, or
worse yet, hiring foreign workers to do our jobs here under work visas.
Our Federal government also has to curb overseas spending, it's time to take care of America, instead of giving billions of dollars to countries we
need to spend those billions here at home putting Americans to work. Fixing our aging and failing infrastructure is a public works solution creating
many jobs and giving people confidence enough in our economy to get money moving where it needs to.