In Finance Business

I’ve been reading, watching, and listening to a ton of coverage of the budget. Not shocking, I suppose. At any rate, you see a wide range of storylines, but it basically all boils down to not enough revenue, too much spending.

Yet that’s really only half the story.  Every time I hear Arnold talking about our overgrown spending and how our day of reckoning is upon us, why is it that nobody mentions that Arnold put his foot on the gas as we were driving off of the cliff. Remember that whole recall election? You know, where Arnold spent the campaign talking about the “car tax.” That would be the vehicle license fee that would have brought in about $30 billion since it was cut. Given all of the cuts that we have made, it wouldn’t have avoided everything. Back on April 15, the CA Budget Project’s blog took a look at why we are in the mess we are in.

Over the past 15 years, lawmakers have enacted tax cuts that will cost the state nearly $12 billion in 2008-09.

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