In Panic Mode; After Lackluster Tax Revenues, California Democrats Tearing Into Obama, over Lack of “Bailouts” for State’s Mortgage Crisis, that is Destroying their Liberal Bottom Lines:
By Marc Chamot
READ MY LIPS; no 'bailouts' for California!
Not too long ago, Governor Jerry Brown signed California’s own Dream Act, providing financing and free college tuitions for the state’s illegal immigrants, the state Democrats are in a panic mode.
You see folks, the ignoramus California Democrats and Governor Jerry Brown, passed numerous bills requiring more taxpayer expenditures in a declining economy, with declining state revenues.
Code Name Bailouts: California Democrats are tearing into President Obama over their budget crisis.
32 angry Democrats condemned President Obama for not doing enough in California’s collapsing economy. They are getting pretty fed-up with Obama’s useless jobs bills, but what they really want to know, what he going to do about California’s nation’s second highest foreclosure rates?
These Democrats want the Obama administration to push, and force banks to reduce the principal owed by people whose homes are worth less than the value of their mortgages. In other words, California Democrats want Federal homeowner bailouts, to COVER up their fiscal ineptness.
“Zoe Lofgren also accused the administration of deferring to banks, which she said are resisting efforts to write down the mortgage loans they made for houses that are "under water," or worth less than the amount of the loan.
"The banks are going to eat a loss," Lofgren said. "The only question is when. Deferring action on taking the losses is putting the entire economy at risk."
Why all the sudden panic? The state of California just discovered that their usual very reliable tax bases are declining quickly, in other words, their MONEY well is drying up fast.
For the fiscal year that began July 1, general fund revenues by the end of September were below budget estimates by $705.5 million or 3.6 percent, state Controller John Chiang announced this week.
He made that announcement Monday as he issued his monthly report of the state's cash balance, receipts and disbursements, showing that revenues in September alone were below budget estimates by $301.6 million, or 4 percent.
These figures are important partly because Gov. Jerry Brown and Democratic lawmakers built the budget based on a remarkably optimistic revenue forecast, predicting $4 billion more in revenue this year compared to last year. At the same time, they tried to deflect skeptics' criticism of the rosy outlook by pointing out that if the higher revenue doesn't materialize, that will trigger new rounds of cutbacks totaling billion dollars.”
And there’s More; “Revenues flowed into state coffers at a lower rate than projected in September, short about $302 million, putting California a total of $705.5 million below expectations for the first three months of the fiscal year, Controller John Chiang said Monday.
Department of Finance officials cautioned that the controller's numbers count revenues in a way that may not show all the actual money on hand and that they may not be the most accurate picture of California's finances. Still, Chiang said the numbers were of concern.
As part of the budget deal signed in June, automatic trigger cuts would take place if revenues are projected to fall short of expectations by more than $1 billion.”
Just last week, Governor Jerry Brown signed slew of bills, including the one providing millions-upon-millions in taxpayer dollars, to help finance the state’s illegal immigrant college educations.
With severe revenue short falls, California Democrats discovered quickly that they cannot KEEP their words to these POOR illegal’s, like having FUNDS for the illegal immigrant college grants or free tuitions.
This is the way it goes, while the state of California is going BROKE;
As states such as Alabama and Georgia make waves with a hard-line approach to illegal immigration, California took a leap in the other direction this weekend when Gov. Jerry Brown signed a host of bills that make the nation's biggest state one of the most accepting of immigrants living here illegally.
Some saw the flurry of new laws, especially the California Dream Act, as a rejection of the political fervor against illegal immigration in other parts of the country.
"Wherever California goes, so does the nation. It may put a halt to some of this," said Assemblyman Paul Fong, D-Cupertino, whose bill to block mandatory checks of the immigration status of workers also was signed by the governor Sunday.
"It is costly and burdensome and unfair for businesses to act as immigration officers," Fong said of his bill, AB 1236, which prohibits local governments from making the federal E-Verify program mandatory for employers.
Only a handful of cities -- Lancaster, Temecula, Lake Elsinore and Murrieta -- have made the electronic employee checks mandatory, but Fong said dozens were considering it and a congressional bill by Rep. Lamar Smith, R-Texas, proposes to make E-Verify mandatory nationwide.
"We voted to make it optional," Fong said. "It should be that way until they fix up the system, which doesn't seem to be able to be fixed."
Brown's biggest move on immigration was signing the California Dream Act, which allows thousands of undocumented students to apply for financial aid at state colleges and universities.
But he also signed a law that will curtail police checkpoints and vehicle impoundments that have led to disproportionate detention of immigrant drivers and another law to protect the unionization rights of farm workers, many of whom are unauthorized workers.
"It relieves a lot of the financial stress," said Martha Hernandez, 19, a freshman who was valedictorian at her San Bernardino high school. "My worst fear coming to Berkeley was attending, but then being forced to drop out."
Some Republican lawmakers have promised to give California voters a chance to repeal the Dream Act before it takes effect.
After all these FIASCOS, how on earth are California Democrats going to tell its state’s citizens, they should take billions more, in dollar cuts and services, after approving million dollars ‘sweetheart’ college education for illegal immigrants? This doesn’t make any sense to me.