Market Currents
Facing a $16B budget deficit, California Governor Jerry Brown is proposing to overhaul the the...
-
Monday, June 11, 2012, 1:21 PM ETFacing a $16B budget deficit, California Governor Jerry Brown is proposing to overhaul the the state's CalWORKs welfare-to-work program in an effort to save $880M. It would represent a major shift in philosophy for California, which, with a third of the U.S.'s welfare recipients, is the national leader. (see S&P)
Other date
Latest Articles
This news story has 7 comments:
1) California has the 9th largest economy in the world with a GDP @ around $2 trillion. Somewhere between Italy and India.
2) If one were to scale California's GDP to the size of the US GDP, the $16 billion would be equivalent to a national government budget shortfall of around $120 billion.
3) On top of this California paid $313 billion dollars in federal taxes in 2010.
1) maybe 50% of that "...9th largest economy ..." can relocate to friendlier jurisdictions
2) CA doesn't have a "friend at the FED" with a printing press
3) CA paid BUPKIS in federal taxes...the top 10% paid most of the $313B, and they can pay it just as well from NV or TX or WA, meanwhile saving maybe $60B++ on state income taxes. Enough to maintain villas in CA or wherever else they want.
As LINT says, "not a big deal". Let Pelosi handle it after PELOSICARE gets squished at the Supreme Court.
OCCUPY that, DEMS!
Hey Jer, really care about the state?
Do you have any manhood left in you?
Do the right thing and try and emulate a true leader like Scott Walker,
it might just work for a dead beat state like yours!
Either the unions get real and accept a 50 % haircut or their so called "LEADERSHIP" will get their members 100 % of NOTHING!
It's math kids,
pure and simple!
The numbers didn't work 25 years ago
and today they have become "CITY KILLERS"!
Will Stephen Lerner and Richard Trumka go to their rank and file and tell them the painful truth?
Will Jerry Brown ever get any of this?
Asked and answered on both accounts!
No freakin way!
Cowards, from the top down!