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by 3d3mon
5776 days ago
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If you try your hand at this "armchair budget analyst" game, you'll learn that its easier practically and politically (yes, politically) to just raise the money, especially in a state like CA: http://www.latimes.com/news/local/la-statebudget-fl,0,95571.... To be fair, the CA real estate boom/bust really did a number on the state's coffers. To ignore the impact of the "great recession" is to not see the problem accurately. The govt relied on increasing property tax revenue that disappeared as quickly as the monopoly money used to pay for it (aka subprime loans) and on state income taxes and sales taxes from workers who quickly lost their real estate bubble jobs. If those workers still had their jobs and homeowners still had their homes, we'd find something else to complain about. Moral of the story is be careful when playing with credit. |
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