Okay, that’s funny.
The story is about how California took in a third less in sales tax revenue this year after a new budget. I can only assume that California legislators are just like NY legislators, so they raised taxes to increase tax revenue even though the last 86 times they raised taxes, it lowered tax revenue.
But that’s just too typical of our political betters to really be all that funny. Pathetic mostly. No, this is what’s really funny about that story.
First, the setup.
the state’s $9.6 billion cash deficit that was rolled over from the June 30th fiscal year has catapulted to $18 billion last month.
Get that? They’ve doubled their deficit in a couple of months. So how to make that up?
One way is to Sell “stock” (treasuries) in California. That part is pretty funny (but not the really funny part)
Today California quickly began trying to sell $10 billion in municipal bonds to fund the record $28 billion they need to keep the lights on.
Heh. Math is obviously not their strong suit.
Now we’re up to the hilarity.
They elected Governor Moonbeam to fix all the problems caused by Bush, Reagan and Adam Smith, so what does he do about an $18 billion deficit that doubled over the summer?
Governor Brown used his line-item veto authority to strike $128.9 million in spending from the $91.3 billion California general fund before signing the state budget.
Bwahahahahahahhahahahahah. $128 million is less than 1% of their $18 billion deficit (.7%), much less their $91 billion budget.
So as they are about to go broke in a big way, as they are about to not be able to pay their bills, he cut not much more than 1/10 of 1% of their budget.
That’s like putting Bactine on the paper cut on your finger while blood gushes out of the stump where your leg used to be.
Californians will soon be wishing for leaders who only fiddle while their state burns. Their current, enthusiastically elected, leaders, are busy filling their fiddles in gasoline and dumping them on the fires.
I only hope they have lots of marshmallows, they might as well get some use out of the destruction of their once-proud state.
On the one hand, California deserves what it gets and they are going to give the rest of us an idea of what’s going to happen when the economic fantasy the entire world is living in comes crashing down.
On the other hand, I now live in AZ, I foresee a lot of Californians trying to make their way back into America and we’re close (at least we’re far away from the real trouble spots of Sacramento, San Fran and the rest of northern California).
Saw the link at the Puppy Blender’s. Reading him is mostly depressing anymore.