I supported Governor Brown’s plan to raise taxes and cut spending but the Feds, the courts, and organized labor’s Democratic hand puppets in Sacramento have killed any hope of cuts while business, Republican lock-steppers, and the overburdened man-in-the-street say no to all new taxes. The key to Brown’s program was the ‘and’ word; he had to do both to get my support – not that he cares – and make it work. Brown has given up on the “and” word and I’ve given up on him. Being a politician Brown is now falling back to familiar habits, recommending increased taxes but purposing no real dent in long-term obligations. Someone has to pay to save our schools, says the governor (now cue the picture of the schoolchildren – no, no, not the picture of the retired school superintendent living on the Riviera pulling in 0,000 a year in retirement payments).
Eventually the gigantic debt at the state and local level coupled with the inability to cut spending and raise revenue will pass the tipping point and the general standard of living will fall; it won’t be pretty.
We can't even get pension reform. On a related note, with one month left in their fiscal year, CalPERS assets have shrunk from 239.5 billion to about 223 billion (as of June 1st).
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