While there have been plenty of natural disasters, none or them have managed to take us out. Now comes news that we're on the verge of another form of destruction, as California tumbles into a sea of debt. According a report in today's LAT we're going to drown like rats even though the San Andreas hasn't budged:
When I was a kid we didn't worry about Global Warming or asteroids hitting the Earth, but we Californians were bombarded regularly with alarming reports of impending seismic doom. The San Andreas Fault was overdue for a major earthquake and California would "tumble into the sea." We were doomed to drown like rats.
California again faces massive deficit, projected at $21 billion
The state's chief budget analyst foresees a fiscal mess extending past the recession for years to come. He puts much of the blame on unrealistic budgeting assumptions.By Shane Goldmacher
Reporting from Sacramento - California government is again beset with red ink, facing a nearly $21-billion deficit over the next year and half, according to a report released today by the state's chief budget analyst.
Nonpartisan Legislative Analyst Mac Taylor projected state spending severely out of line with tax collections not just amid the current recession but for years to come. Solving the fiscal mess will require "painful choices" in both cutting services and raising revenue, Taylor warned.
The gloomy forecast, which comes after Sacramento officials have already raised taxes and slashed programs this year, portends a fierce budget battle again in 2010.
Gov. Arnold Schwarzenegger, who last week predicted more across-the-board budget cuts, in January must unveil his plan to address the deficit.
"We look forward to receiving the governor's new budget proposal in January," Assembly Speaker Karen Bass (D-Los Angeles) said in a statement, "and will immediately begin work on crafting budget solutions that will once again require both difficult spending reductions and additional revenues."
The legislative analyst, whom both Republicans and Democrats look to for fiscal advice, reported that the current budget year accounts for $6.3 billion of the deficit. Much of that is the result of unrealistic budgeting assumptions that have evaporated in the four months since lawmakers and Schwarzenegger agreed on a spending plan.
Nice, looking forward to it. BTW, the UC Board of Regents just announced massive tuition increases. Let the games begin:
BERKELEY, CA (KGO) -- From UC Berkeley to UCLA thousands are protesting to try to stop the UC Regents from raising tuition and cutting budgets again. Police have already arrested eight people at UCLA Wednesday morning. A massive rally is scheduled to take place in Berkeley.These protests coincide with the Board of UC Regents meeting at UCLA, where it's voting on a proposed student fee hike of 32-percent.
Note to self: Avoid Wilshire Boulevard in Westwood on the way home tonight.