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View Diary: Poor Mickelson: "Regrets his comments" (135 comments)

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  •  It's been poorly run for a long time (3+ / 0-)
    Recommended by:
    CA wildwoman, renzo capetti, SpamNunn

    The fundamental problem started in the dotcom boom when the state had a windfall from taxes on exercised stock options as the dotcom companies went public. It caused a big spike in state revenues. Rather than spending the extra money on one time events like building schools, fixing roads and shoring up public buildings to meet earthquake codes, or building a big reserve for a rainy day,  it just baked the extra revenue into the standard state budget and raised expenses to meet revenues. When the dotcom bubble burst we now had a state budget that had expenses that were $10-15 billion a year out of balance and stayed out of balance until this year when Prop 30 was passed.

    "let's talk about that"

    by VClib on Tue Jan 22, 2013 at 08:39:21 PM PST

    [ Parent ]

    •  Doesn't Help That Calif Only Gets 78 cents ... (0+ / 0-)

      ... on the dollar it pays into the Federal Government back while all those "fiscally responsible" Red states run by Republicans get subsidized by California tax payers.  

      I have to believe that if California got back exactly what they paid in to the Feds, they would have way more than $10-15B to cover their shortfall.

      Poor man wants to be rich. Rich man wants to king. And the king ain't satisifed until he rules everything. B.Springsteen

      by howd on Wed Jan 23, 2013 at 01:51:33 PM PST

      [ Parent ]

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