California declared state of economic emergency

[OptionsPlease]

California declared state of economic emergency.

They just announced that they only have enough cash until end of February early March before the state goes bankrupt and they have to go into bonds premature to pay city workers....?

[dukhunter99]

I suppose we will be bailing out California next!

[Albert0373]

Let's see if we're really going to build that high-speed train connecting San Diego to San Francisco...

[Albert0373]

With no budget, California to cut 20,000 state jobs

Mon Feb 16, 11:32 pm ET
LOS ANGELES (Reuters) – California, which is on the brink of running out of cash, will notify 20,000 state workers on Tuesday their jobs may be eliminated, a spokesman for Governor Arnold Schwarzenegger said on Monday.
The announcement came a day after California lawmakers narrowly failed to pass a $40 billion budget that would have plugged the state's deficit with a mix of tax hikes and spending cuts.
"In the absence of a budget, the governor has a responsibility to realize state savings any way he can," said Aaron McLear, a spokesman for the Republican governor. "This is unfortunately a necessary decision."
The layoff notices will affect about 20 percent of state workers, McLear said, adding the cuts would extend to every part of state government.
The positions would be eliminated in June in preparation for California's next fiscal year, which starts in July.
California, America's most populous state and the world's eighth biggest economy, has experienced a dramatic fall in revenues because of the housing downturn, rising unemployment and a sharp pullback in consumer spending.
To conserve cash, the state has stopped public works projects, furloughed state employees for two days a month and postponed sending out tax refunds.

[freakscene]

expect that to become the Federal government, with Federal entitlements eventually

[Mastajab]

Change!!! Lol!!!!!?

[BuyOnDips]

They need to make serious cuts in their state government. They won't do it. They are not serious. The Feds will probably help them at the last minute and just let the matter get worse down the road. Politicians love to spend other people's money.

They really should start drilling for oil to help with their financial crisis. Oil revenue would help them a lot. But the politicians would find a way to blow that money too.

California is a mess.

Since the state won't give the counties the funds it normally does, the counties are now witholding the taxes they normally send to the capitol.

Taxpayers are being issued IOU's for a refund.

Teachers and other state employees were asked if the would take two days a month off to help reduce costs and they all said no, complaining on how can they pay thier bills. There are many people out there who just wish they even had a job.

Roads are full of potholes. In fact the news just yesterday, on the radio mind you, was a story of three cars that hit a pothole and breaking their suspension or tires. They were off to the side of the road.

Oregon and Nevada are looking better all the time.