Saturday, December 08, 2012


Who could have predicted such a phenomenon?

California ... state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.

Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation.

But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.

Passage of Proposition 30 set off euphoria and expectations of higher spending for public employees. The California Teachers’ Association (CTA) trumpeted: "California students and working families won a clear victory today as voters clearly demonstrated their willingness to invest in our public schools and colleges and also rejected a deceptive ballot measure aimed at silencing educators, other workers and their unions.”

State bureaucrats immediately ramped up deficit spending far beyond the state's $6 billion annual tax increase, with the Departments of Health Services and Developmental Services increasing this month’s spending by over $1 billion versus last year. The lower tax collection and higher spending drove the State’s deficit after the tax increase to $2.7 billion for the first 5 months of this fiscal year...

Who could have predicted such a phenomenon?

Oh, wait. I did. Just three short weeks ago*.

*See: DELUSIONAL: California Predicts Budget Surplus in 2014 Thanks to Tax Hikes, Anti-Business Regulations.


Anonymous said...

BwaaaaaaHaaaaaaHaaaaaaa....Silly LibTards will never learn...back this up with that goofy Cap and Trade crap they just had and you have a double Complete and Total Failure....Bwaaaaaaa..Haaaaaa..Haaaaa

Anonymous said...

typical......spend before you have...just like the hood rats!!!

Paul snipes said...

Wow the rich Hollywood types that want every body to have free shit just found out its coming out of their pay checks as well...........hahahahahaha. I guess they thought they were above the masses..........roflmao!

Unknown said...

Lets see, who was it that said 'Every action has an equal and OPPOSITE reaction'. Looks like MoonBeam and Company are proving it.