Jerry Brown's Brilliant Solution to California's Disastrous Deficit

Jerry Brown's Brilliant Solution to California's Disastrous  Deficit

    California Governor Jerry Brown was counting on a financial recovery to reduce California's humongous deficit. California is the world’s ninth-largest economy and was projected to have a deficit of $9.2 billion deficit. Instead, the news just got worse, and the the gap has now widened to $16 billion.

    Today, Jerry Brown, age 74 and showing every millisecond of it, will unveil his revised budget and explain what additional spending must be cut. Tax collections have run $3.5 billion below what he calculated only four months ago. Spending has grown $2 billion above projections. He blames the federal government and court rulings for blocking some savings, and his fellow Democrats in the Legislature for refused to cooperate and making the deficit worse.

    California has lost more than a million jobs in the Great Recession, costing the most populous U.S. state 24 percent of its revenue. Governor Moonbeam's solution for the new deficit estimate should surprise no one:  increase income taxes  to the highest in the nation, and boost sales levies that are now more than any other state.

    Brown's dead on arrival plan would "temporarily" raise the statewide sales tax, already the highest in the U.S., to 7.5 percent from 7.25 percent. It would also boost rates on income starting at $250,000. Those making $1 million or more, now taxed at 10.3 percent, would pay 13.3 percent, the most of any state.

What this shows is that not only is California bankrupt, but its Governor and legislature is bankrupt of ideas, and bankrupt of brains, and not only that, are criminally obstinately perverse and shockingly ignorant in refusing to learn from what has worked in the past. Jerry and his merry band of morons act like they never heard of Milton Friedman, Ronald Reagan, or Friedrich Hayak.

What is most mysterious about this perverse group of lemmings determined to embrace a disaster for California is: why in the world are they doing what even they must know not only will not work, and will make things worse. Stupidity? Unions? Inability to Break Knee Jerk habits? Denial of Reality? Alzheimers? It is a mystery wrapped in an enigma, surrounded by a paradox.

So taxes are rising and revenues are falling. What to do? Eureka, the obvious solution is even more taxes? Huh? Who’s running the show in Sacramento, the IMF? So the state with highest sales tax in America wants to have the highest income tax in America? As it is, California ranks 48th in the Tax Foundation’s State Business Tax Climate Index. The California Dream has truly become the Golden State Nightmare.

Governor What Me Worry has joined President What Me Worry, along with Vice President Bite Me. Hey, let's talk about Gay Marriage. No? Treyon Martin. No? Contraception? No? Romney is a bully? No? Romney is a  vampire. Let's talk about ANYTHING but the Economy. And isn't George Clooney a hunk? And how about that fund raiser? Cool.