Results tagged “California” from Economic Alert

"I've been on the bench for 23 years, and I've never seen anything like this," said David G. Sills the presiding justice for the Fourth District Court of Appeals, Division Three."

Some say  answer: is to end prop. 13, which "was cleverly designed to make it virtually impossible for California to raise taxes...the result, of course, is that California has been deferring maintenance for a very long time. Now their judges will be working from home, their schools will fall further into decay, and their bridges will continue to crumble."

Others say, "We have reached the tipping point and fell over. This is the right time for the State to declare bankruptcy, defeat those that approve of illegal tax increases--which if enacted will bring about more unemployment--and repeal those laws that kills jobs and growth."

That would be  vehicle fees.

 According to the OCJ blog, "the concept was that the heavier the vehicle....the more wear and tear on our roads." So you can drive whatever car you want, but your fee will be connected to the type of car you drive. Why hasn't this gained traction? Apparently lobbyists and car makers. But I doubt that will stop anyone now.  

"There is no question that today's economic uncertainties and a tight credit market may create enormous challenges to the State to borrow at one time the entire $7 billion I have determined the State will need to meet its obligations through the end of the fiscal year. The difficulty is also compounded by the short window of time between now and the final days of October, the period in which my office has projected the State will likely run out of cash.

"It is critical that Congress take swift action to adopt an economic recovery plan that can calm the fears of American consumers, stabilize the market and loosen the credit stream we will need to continue to provide quality programs and services Californians expect and deserve."

Earlier today, Gov. Arnold Schwarzenegger sent a letter to California's Congressional delegation, urging them to support the bailout plan, stressing that "this plan is not a 'bailout' for Wall Street. To the contrary, the plan is about protecting Main Street."

Unless Congress acts quickly, Schwarzenegger warned, "California will be unable to sell voter-approved bonds for the highway, school, housing and water construction projects that our state is relying on to help carry us through this difficult economy."

Bottom line: "I am writing to urge you to vote in favor of the Emergency Economic Stabilization Act. This plan is critical to the well-being of every community in California and across the nation. Swift action in Congress is needed to restore confidence in our financial system.