California Governor Jerry Brown bet that a nascent financial recovery would lift the world’s ninth- largest economy enough to whittle down a $9.2 billion deficit. Instead, the gap has widened to $16 billion, according to Bloomberg News.
Brown previously said, at his State of the State address, that “he needs taxpayers’ help approving temporary tax hikes to help schools and public safety. It’s a tricky balance, with huge cuts to social services and schools, more taxes for Californians, yet a big investment in public works like the high-speed rail project,” according to ABC News.
Needless to say I think Brown is nuts to pursue the high-speed rail boondoggle. And while he has proposed some cuts he has also proposed spending increases. There is no way any of us should support tax increases – those are proven job killers. Approving the Brown tax increase in November is akin to giving cash to an alcoholic. Until Brown and our State Legislature deal with their addiction to overspending, no amount of new taxes will solve our state budget crisis. Continue reading