California budget crisis leads to a fire sale
By Kimberly Dvorak
San Diego- California’s budget crisis leads to a fire sale. Need money now? Quick sell some of your stuff. For average Americans that means electronics, cars or maybe a house- but in the case of California it means, San Quentin Prison (Charles Manson’s home), Los Angeles Memorial Coliseum (Home of the 1984 Olympics) or Del Mar Fairgrounds (home of Del Mar Racetrack).
Yes, Gov. Arnold Schwarzenegger is in the market to sell some California stuff. Among other ideas the Governor is reaching his hand out to Washington to work with U.S. Rep. Barney Frank –D-MA. The state capitol is seeking Washington’s help in raising some federal-backed bonds, all this back room dealing in order to keep California afloat through the fall.
The reality about California’s fiscal problems run far deeper than the sale of some real estate. Even if the state was able to unload the properties and procure short-term loans, the state still faces a massive deficit.
California voters will go to the polls on May 19 to vote themselves a tax hike. But the Field Poll for California shows a double-digit no vote. Taxpayers aren’t buying into another tax increase. Even if the voters passed one of the measures 1A, the state will still face a $21.3 billion deficit through mid 2010.
The time has come for California to pay the piper and figure out how to restructure. Something about the line by line process that may be in order.
One such new program that may be put before the voters is The California Protection Act of 2010. This will do away with the anchor baby program many illegal aliens use to gain residency in California. This commonly leads to more children and lifetime welfare.
Once Californian’s are able to see how their money is being spent, maybe, just maybe real change will happen.