December 8, 2012

California raises taxes, revenues in free fall … unexpectedly! [Darleen Click]

Wow, who woulda thunk?

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in November 2012, showing total revenues were $806.8 million below (-10.8 percent) projections contained in the 2012-13 State budget.

“November’s disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward,” said Chiang. […]

The State ended the last fiscal year with a cash deficit of $9.6 billion. As of November 30, that cash deficit totaled $24.9 billion and is being covered with $14.9 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

Chiang actually believed the “happy days are here again” rhetoric? Then reality showed up right after the election to disappoint him.

Yeah, right.

Pay attention everyone, as goes Democrat-controlled California, so goes America in the era of King Barry I.

h/t Breitbart

Posted by Darleen @ 11:12am
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Comments (24)

  1. Jerry Brown laffs at your curve.

  2. - Chiang has settled on the Krugman “inexhaustable fantasy supply” model because it worked so well during the Reagan voodoo economics era.

    – Moonbeam loves his chinky-poo.

  3. As of November 30, that cash deficit totaled $24.9 billion and is being covered with $14.9 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

    Internal borrowing. We would call that stealing, and be sent to jail for it.

  4. “November’s disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward,”

    Isn’t there some Californian saying that goes like “Don’t believe what your own flacks put out”?

  5. what does leading the nation in job growth mean exactly

    nobody tells me anything there I usually have to find out on the internet

  6. This would be a great time to build a huge high speed rail project that no one will ever ride.

  7. I’m just glad I had the good sense to get out of there 20+ years ago.

    Me and McGehee. Not together, but we left.

  8. I’m 13 years out myself. Made it all the way to the second worst managed state in the country.

  9. To be fair to Moonbeam, the Terminator set us up for fail with environmental madness and the public unions.

    RINO’s suck. RINO’s married to Kennedy’s in Hollywood is just mockery.

  10. Coincidence, Pablo or plain bad luck?

  11. Isn’t “being perpetually surprised that what you’re doing isn’t working” pretty much the definition of “leftist?”

    Hey, at least we don’t have death camps yet. Otherwise, on schedule.

  12. Perhaps a little bit of both, leigh. I can assure you that I won’t be working up to #3. My next stop will be Top 20!

  13. 911 Operator: “State your emergency”
    Gov Brown: “I’ve been hit by a truck”
    911 Operator: Did you get a look at the driver?”
    Gov Brown: “Yea, but I’ve never seen him before. He looked burly and rough.”
    911 Operator: “Did you get the license plate? Can you describe the vehicle?”
    Gov Brown: “Yea, it was a rusty old pickup with a vanity plate with the guy’s
    last name and initials on it ‘R. E. ALITY’ ”
    911 Operator: “Sorry sir, we can’t help you. You’re fucked”

  14. Merovign, we don’t need death camps, we have Planned Parenthood and abortion mills. We don’t let them survive long enough to starve to death.

    Pretty soon, under Obamacare, not only will abortion be killing on the front end, there will be end of life wards denying care due to lack of “essential need.” Humanely killed, though, no barbed wire or armed guards.

  15. Humanely killed, though

    Wonder what they will call the “Liverpool Care Path” here?

  16. “November’s disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward,” said Chiang.

    Gee, then you would think that they would have at least one of the three US cities experiencing an actual recovery per the Brookings Institute….

    Knoxville is a member of a very small club. Three and a half years since the 2007-09 economic recession ended, only three major U.S. metropolitan areas are experiencing an economic recovery, according to the Brookings Institution.

    The Washington-based research group has also deemed Dallas and Pittsburgh in recovery after analyzing their employment levels and gross domestic product per capita.

    But Brookings must be reich wing…

  17. “leading the nation in job growth”

    CA has the largest population. So even in Obama’s anemic “recovery” it could have the lowest *rate* of job growth but still claim the largest number of new jobs. Just statistical diddling.

  18. geoffb says December 8, 2012 at 8:37 pm

    Wonder what they will call the “Liverpool Care Path” here?

    IPAB

  19. Note bloomberg’s mocking photo of Perry.

    “News.”

  20. I’m just glad I had the good sense to get out of there 20+ years ago.
    Me and McGehee. Not together, but we left.

    Our family arrived in California in the late 19th century. There aren’t any left – they’ve all bailed.

  21. Just be thankful, Pablo, you didn’t move to Massachusetts where you’d have bad fiscal policy combined with Romneycare.

  22. Pingback: CA special election May 19, 2009

  23. I suspect that CA’s job growth is outpacing TX using the same flawed metrics that produce a lower unemployment rate when people stop looking for work.

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