The California Legislature's budget analyst says the recession has created another $8billion hole in the state's budget just weeks after the end of a fight to close a $42billion gap through June 2010. Maybe it's time to get a NEW analyst, one who could have forseen this coming.
Legislative Analyst Mac Taylor says in the report released Friday that California's 10.1 percent unemployment rate, further declines in the stock market and lower tax collections have led to lower revenue projections. He expects the new $8 billion budget gap in the fiscal year that begins July 1.
State Controller John Chiang also said this week that February revenues were nearly $1 billion below previous projections.
Taylor says the deficit will grow even larger unless lawmakers and Gov. Arnold Schwarzenegger take action. Well THEY DID take action, they decided to RAISE our taxes.
Here's a better idea: Get gaming off the reservations, where many tribes have proved that they couldn't/wouldn't take care of all their people and bring it to the state unrestricted to federal lands. Let's let CALIFORNIA get it's regulated share, like Nevada does. The tribes have gotten a fair head start. Let's get California the money it deserves.