http://www.mcclatchydc.com/104/story/83672.html?storylink=omni_popular
California is doing what they need to, to survive as a state, you can bet this will be a future trend coming to your state soon.
A San Francisco Superior Court judge ruled Wednesday that the Schwarzenegger administration acted legally when it enforced a new law that eliminated two former state holidays — including Lincoln's Birthday next week.
The state attorneys' union had sued the governor's Department of Personnel Administration for carrying out a law passed nearly a year ago eliminating Lincoln's Birthday, Feb. 12, and Columbus Day, the second Monday in October, as paid holidays for state employees.
The change cut the number of paid state holidays from 14 to 12.
"We agree with today's ruling," said Schwarzenegger spokeswoman Rachel Arrezola. "It doesn't make sense for state employee unions to fight to go from 12 holidays to 14 in today's economy, when the rest of state government and the private sector is cutting back."
Showing posts with label California budget deficit. Show all posts
Showing posts with label California budget deficit. Show all posts
Thursday, February 4, 2010
Thursday, January 7, 2010
Governor pledges to spare education from cuts
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/01/06/MN0I1BEDAN.DTL
"We can no longer afford to cut higher education."
People this is a ridiculous statement, considering these economic times. How does he justify the importance of this, when the basics of the primary infrastructure services are being so drastically reduced. A person is guaranteed an education through the completion of the 12Th grade, after that if you wish to learn more the burden should be on you not the taxpayer. It gives me the smallest amount of security to believe that if I dial 911, there will be an officer sent to assist me in my need.
It's time to be real and act like a grown up, while it's great to dream of the future, the present must be paid today.
Because our future economic well-being is so dependent upon education, I will protect education funding in this budget. And we can no longer afford to cut higher education either," the governor said.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/01/06/MN0I1BEDAN.DTL#ixzz0bumnQiVO
"We can no longer afford to cut higher education."
People this is a ridiculous statement, considering these economic times. How does he justify the importance of this, when the basics of the primary infrastructure services are being so drastically reduced. A person is guaranteed an education through the completion of the 12Th grade, after that if you wish to learn more the burden should be on you not the taxpayer. It gives me the smallest amount of security to believe that if I dial 911, there will be an officer sent to assist me in my need.
It's time to be real and act like a grown up, while it's great to dream of the future, the present must be paid today.
Because our future economic well-being is so dependent upon education, I will protect education funding in this budget. And we can no longer afford to cut higher education either," the governor said.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/01/06/MN0I1BEDAN.DTL#ixzz0bumnQiVO
Thursday, June 4, 2009
Draft Emergency Action Program For California
--------------------------------------------------------------------------------
http://www.rense.com/general86/draft.htm
This plan needs to be utilized for the entire United States.
Being shut off the Grid is a scary thought isn't it but it's a possibility for any state that's having financial trouble.
How long before it's your state?
The budget crisis in California and most other states plus the bankruptcy and collapse of the US auto industry are signals that the United States and the world are sinking into an economic depression of awesome destructive power. Who should pay for this depression? Clearly the Wall Street, Chicago, and San Francisco bankers and speculators who caused the crisis must pay. There are limitations on what any state can do, but we here in California can and must take a stand for a real economic recovery. We must grab the attention of the corrupt Sacramento and Washington politicians and start to lead this country out of the crisis. We therefore demand:
1. No layoffs of state employees. Restore and maintain vital services at all costs. Maintain the electricity grid, police, fire, highways, public health, education, and restore water deliveries to California farmers. We solemnly remind Governor Schwarzenegger and all state officials that deliberately depriving civilians of food, clothing, shelter, and medical care under whatever pretexts constitutes a high crime against humanity under the Nuremburg precedents of 1945. Austerity measures that lead to needless deaths will be vigorously punished under these precedents.
2. 1% California Tobin Tax on derivatives and speculation. California needs revenue, but the average person is overtaxed already. The biggest untapped income stream in California is financial speculation. Most Californians pay almost 9% in a regressive sales tax, but bankers and hedge fund operators pay nothing, zero, nada, on their massive daily turnover of derivatives, options, futures, stocks, bonds, foreign currency, and other speculative paper. Surely these financial interests should pay their fair share to meet this crisis. We must therefore impose a Tobin tax or Securities Transfer Tax (STT) of one percent (1%) to be paid by the broker on all financial transactions in this jurisdiction. Bankers will howl and threaten to leave the state, but few will cut themselves out of the world's eight largest economy. Another mass of largely untapped wealth is represented by the foundations. A special 10% surtax on the assets and endowment of all foundations in the state should be established for the duration of the crisis.
2. Stop all foreclosures on California primary residences, farms, businesses, transportation, and any other activity providing production or soci
http://www.rense.com/general86/draft.htm
This plan needs to be utilized for the entire United States.
Being shut off the Grid is a scary thought isn't it but it's a possibility for any state that's having financial trouble.
How long before it's your state?
The budget crisis in California and most other states plus the bankruptcy and collapse of the US auto industry are signals that the United States and the world are sinking into an economic depression of awesome destructive power. Who should pay for this depression? Clearly the Wall Street, Chicago, and San Francisco bankers and speculators who caused the crisis must pay. There are limitations on what any state can do, but we here in California can and must take a stand for a real economic recovery. We must grab the attention of the corrupt Sacramento and Washington politicians and start to lead this country out of the crisis. We therefore demand:
1. No layoffs of state employees. Restore and maintain vital services at all costs. Maintain the electricity grid, police, fire, highways, public health, education, and restore water deliveries to California farmers. We solemnly remind Governor Schwarzenegger and all state officials that deliberately depriving civilians of food, clothing, shelter, and medical care under whatever pretexts constitutes a high crime against humanity under the Nuremburg precedents of 1945. Austerity measures that lead to needless deaths will be vigorously punished under these precedents.
2. 1% California Tobin Tax on derivatives and speculation. California needs revenue, but the average person is overtaxed already. The biggest untapped income stream in California is financial speculation. Most Californians pay almost 9% in a regressive sales tax, but bankers and hedge fund operators pay nothing, zero, nada, on their massive daily turnover of derivatives, options, futures, stocks, bonds, foreign currency, and other speculative paper. Surely these financial interests should pay their fair share to meet this crisis. We must therefore impose a Tobin tax or Securities Transfer Tax (STT) of one percent (1%) to be paid by the broker on all financial transactions in this jurisdiction. Bankers will howl and threaten to leave the state, but few will cut themselves out of the world's eight largest economy. Another mass of largely untapped wealth is represented by the foundations. A special 10% surtax on the assets and endowment of all foundations in the state should be established for the duration of the crisis.
2. Stop all foreclosures on California primary residences, farms, businesses, transportation, and any other activity providing production or soci
Wednesday, May 27, 2009
But Governor, You Can Create Money!
--------------------------------------------------------------------------------
http://www.webofdebt.com/articles/but_governor.php
In a May 22 article in Time titled “Billions in the Red: Fiscal Reckoning in CA,” Juliet Williams reports that since California voters have now vetoed higher taxes and further state government borrowing, Gov. Arnold Schwarzenegger has indicated that he intends to close the budget gap almost entirely through drastic spending cuts. The cutbacks could include laying off thousands of state workers and teachers, ending the state’s main welfare program for the poor, eliminating health coverage for about 1.5 million poor children, halting cash grants for about 77,000 college students, slashing money for state parks, and releasing thousands of prisoners before their sentences are finished. Schwarzenegger bemoaned the fact that the state could not print its own money but said it could only spend what it had.
But the state can create its own money. After all, banks do this every day. Certified, card-carrying bankers are allowed to do something nobody else can do: they can create “credit” with accounting entries on their books. As the Federal Reserve Bank of Dallas explains on its website:
“Banks actually create money when they lend it. Here’s how it works: Most of a bank’s loans are made to its own customers and are deposited in their checking accounts. Because the loan becomes a new deposit, just like a paycheck does, the bank . . . holds a small percentage of that new amount in reserve and again lends the remainder to someone else, repeating the money-creation process many times.”
President Obama has also acknowledged that banks create money, through what he calls the “multiplier effect.” In a speech at Georgetown University on April 14, he said:
“[A]lthough there are a lot of Americans who understandably think that government money would be better spent going directly to families and businesses instead of banks – ‘where’s our bailout?,’ they ask – the truth is that a dollar of capital in a bank can actually result in eight or ten dollars of loans to families and businesses, a multiplier effect that can ultimately lead to a faster pace of economic growth.”
Money in a government-owned bank could give us the best of both worlds. We could have all the credit-generating advantages of private banks, without the baggage cluttering up the books of the Wall Street giants, including bad derivatives bets, unmarketable collateralized debt obligations, mark to market accounting issues, oversized CEO salaries and bonuses, and shareholders expecting a sizeable cut of the profits. A state could deposit its vast revenues in its own state-owned bank and proceed to fan them into 8 to 10 times their face value in loans. Not only would it have its own credit machine, but it would control the loan terms. The state could lend at ½% interest to itself and to municipal governments, rolling the loans over as needed until the revenues had been generated to pay them off. According to Professor Margrit Kennedy in her 1995 book Interest and Inflation-free Money, interest composes, on average, fully half the cost of every public project. Cutting costs by 50% could make currently-unsustainable projects such as low-cost housing, alternative energy development, and infrastructure construction not only sustainable but actually profitable for the government.
If all this seems too radical and unprecedented to venture into, consider that one state has had its own bank for 90 years; and it has not only escaped the credit crunch but is doing remarkably well . . . .
THE INNOVATIVE BANK OF NORTH DAKOTA
Only three of fifty states are now solvent, meaning they have the revenues to meet their state budgets; and one of them is North Dakota. It is an unlikely candidate for the distinction. It is a sparsely populated state of less than 700,000 people, largely located in isolated farming communities afflicted with cold weather. Yet since 2000, the state’s GNP has grown 56%, personal income has grown 43%, and wages have grown 34%. The state not only has no funding issues, but this year it actually has a budget surplus of $1.2 billion, the largest it has ever had.
http://www.webofdebt.com/articles/but_governor.php
In a May 22 article in Time titled “Billions in the Red: Fiscal Reckoning in CA,” Juliet Williams reports that since California voters have now vetoed higher taxes and further state government borrowing, Gov. Arnold Schwarzenegger has indicated that he intends to close the budget gap almost entirely through drastic spending cuts. The cutbacks could include laying off thousands of state workers and teachers, ending the state’s main welfare program for the poor, eliminating health coverage for about 1.5 million poor children, halting cash grants for about 77,000 college students, slashing money for state parks, and releasing thousands of prisoners before their sentences are finished. Schwarzenegger bemoaned the fact that the state could not print its own money but said it could only spend what it had.
But the state can create its own money. After all, banks do this every day. Certified, card-carrying bankers are allowed to do something nobody else can do: they can create “credit” with accounting entries on their books. As the Federal Reserve Bank of Dallas explains on its website:
“Banks actually create money when they lend it. Here’s how it works: Most of a bank’s loans are made to its own customers and are deposited in their checking accounts. Because the loan becomes a new deposit, just like a paycheck does, the bank . . . holds a small percentage of that new amount in reserve and again lends the remainder to someone else, repeating the money-creation process many times.”
President Obama has also acknowledged that banks create money, through what he calls the “multiplier effect.” In a speech at Georgetown University on April 14, he said:
“[A]lthough there are a lot of Americans who understandably think that government money would be better spent going directly to families and businesses instead of banks – ‘where’s our bailout?,’ they ask – the truth is that a dollar of capital in a bank can actually result in eight or ten dollars of loans to families and businesses, a multiplier effect that can ultimately lead to a faster pace of economic growth.”
Money in a government-owned bank could give us the best of both worlds. We could have all the credit-generating advantages of private banks, without the baggage cluttering up the books of the Wall Street giants, including bad derivatives bets, unmarketable collateralized debt obligations, mark to market accounting issues, oversized CEO salaries and bonuses, and shareholders expecting a sizeable cut of the profits. A state could deposit its vast revenues in its own state-owned bank and proceed to fan them into 8 to 10 times their face value in loans. Not only would it have its own credit machine, but it would control the loan terms. The state could lend at ½% interest to itself and to municipal governments, rolling the loans over as needed until the revenues had been generated to pay them off. According to Professor Margrit Kennedy in her 1995 book Interest and Inflation-free Money, interest composes, on average, fully half the cost of every public project. Cutting costs by 50% could make currently-unsustainable projects such as low-cost housing, alternative energy development, and infrastructure construction not only sustainable but actually profitable for the government.
If all this seems too radical and unprecedented to venture into, consider that one state has had its own bank for 90 years; and it has not only escaped the credit crunch but is doing remarkably well . . . .
THE INNOVATIVE BANK OF NORTH DAKOTA
Only three of fifty states are now solvent, meaning they have the revenues to meet their state budgets; and one of them is North Dakota. It is an unlikely candidate for the distinction. It is a sparsely populated state of less than 700,000 people, largely located in isolated farming communities afflicted with cold weather. Yet since 2000, the state’s GNP has grown 56%, personal income has grown 43%, and wages have grown 34%. The state not only has no funding issues, but this year it actually has a budget surplus of $1.2 billion, the largest it has ever had.
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