As I watched Bernie Madoff finally head to prison earlier this week after pleading guilty to one of the biggest Ponzi schemes in history, I couldn’t help but think of the similarities between what Madoff did to his investors and what the Governor and the State Legislature are doing to the taxpayers of this state.
We were told just last week that the largest tax increase in state history was, “a comprehensive solution to the state’s $41.6 billion budget shortfall.” The non-partisan Legislative Analyst’s Office just announced yesterday that even if the blackmail measure, Proposition 1A, is approved by the voters in May and the state of California gets every dollar of the federal economic stimulus it hopes to get, that California will face an $8 billion deficit through June 2010.
In addition, the Legislative Analyst projects continuing deficits of up to $25 billion.
What makes this even worse is that the figures don’t take into account the billions more that the state is going to have to pay in the future to cover state employee compensation agreements already agreed to by the Governor, state pension benefits and unfunded health care benefits.
In using the Sacramento Bee’s own tax calculator, a family of four earning $60,000 a year is being forced to pay an additional $900 annually in taxes for at least two and maybe as long as five years if Proposition 1A is passed by voters.
Bernie Madoff had to con his victims. The Governor, Senate President Darrell Steinberg, Assembly Speaker Karen Bass, Assembly Republican Leader Mike Villines and former Senate Republican Leader Dave Cogdill have also concocted a plan to con their "victims" – the taxpayers of California. When you go to the polls to cast your ballot, you will be hard pressed to find in the title and summary of Proposition 1A the tremendous tax implications of a yes vote. This isn’t by mistake, this is shameful attempt to pass a ballot measure through deception.
As a broken Bernie Madoff went to prison, he finally apologized to his victims. California’s tax increase lobby is shameless. They will cross this state touting a budget plan that was flawed the day it was passed and has now been exposed by the Legislative Analyst as a house of cards. And the these same folks who are very comfortable lying to the voters about Proposition 1A.
March 14th, 2009 at 12:00 am
Hummm… what happened to your earlier statement that the average taxpayer would have to pay $1,500 in new taxes a year under the budget fix? Now it’s $900 a year. Is this another case of flexible numbers, Jon?
March 16th, 2009 at 12:00 am
What all this is showing is the complete incompetence, ignorance and plain stupidly of the morons that voted for this budget deal (both Democrats and the 6 Republicans).
Last summer those losers voted for a “balanced” budget; however, it did not take but a couple months to determine it was $42 billion out of balance. So a couple weeks ago they again voted for a “balanced” budget… and two weeks later they find it is $8 billion out of balanced. This is like the Twilight Zone.
They blame it on a deteriorating economy but come on guys my high school kids can tell you what is going on with the economy. And these Assembly people and Senators have high paid “experts” making projections. If there were any smarts in the Capitol at all they would can all those “experts” making the projections.
Taxpayers should rise up to tar and feather the imbeciles who voted for the so called budget fix… and whom continue to try to tell us Prop 1A, 1B and 1C is the only way– these guys are ruining our state. We should not put up with this any more! Could you imagine running our businesses like the people in the Capitol run the state… we would either be bankrupt or in jail—or both.
Liberals touted the 6 Republicans who voted for the budget scam as heroes– well now their absolute incompetence has now been revealed.
And BTW Bob, if you want to pay more in taxes, go ahead, no one is stopping you. Quit trying to impose your silly ideas on us. Lead by example; send in extra, show us how it is done. Put your money where your big mouth is.
March 16th, 2009 at 12:00 am
Hi Ken, how are you doing? Gosh, Ken, why didn’t your “guys in [your] high school kids” (whatever that is) tell us all that the economy was going to crash. I could have bailed out of stocks and gone to cash and saved a bundle. Did you keep that information to yourself? If so, shame on you. You should have warned us all that the economy was going to crash and saved us all a lot of money.
BTW, Ken, the six members of the legislature who voted for the budget are not incompetent nor are they “morons” or any of the other slanders you wrote in your comment. I know it’s easy for you to throw mud at the people who have the job. But in my opinion they are people who voted, in, for example, Roger Niello’s words to me, that he is “doing my job” as he sees the job. If you think you can do better, run for office and lets see 1) how far you get, and 2) if by chance you should win election, how well you do.
March 16th, 2009 at 12:00 am
Today’s Sacramento Bee reports that the state now employs MORE people than it did this time a year ago. So all the talk we heard about cutting programs to the bone and the terrible sacrifices that were made was all BS.
March 17th, 2009 at 12:00 am
Bob, I like how you avoid the question. You think we should be paying more in taxes– so show some leadership, show us how it is done. Go ahead and send in some extra tax money… no one is stopping you. Or Bob may be you are just like your pals Timothy Geithner, Tom Daschle, Hilda Solis, Nancy Killefer and Ron Kirk who want everyone else to pay higher taxes but they are unwilling to pay any taxes??
Second Bob, two weeks ago Democrats and 6 Republicans voted for a “balanced” budget. Now we find it is $8 billion out of balance. What changed in two short weeks? The question needs to be asked, are those Democrats and 6 Republicans ignorant or incompetent… or both?? I think the obvious conclusion should be these guys are not the best and the brightest. Given that simple fact, why should anyone believe these clowns and vote for Prop 1A, 1B and 1C??? Sadly there will be people who follows those Democrats and 6 Republicans, who said only two weeks ago the budget was balanced, and they will vote for their scam– i.e. Prop 1A, 1B and 1C. Lord help this country.