Gov. Jerry Brown: Caviar on a ramen budget?
California is in trouble, with an estimated $16 billion worth of debt that Governor Brown is struggling to bridge. He is proposing to slash $8.3 billion from almost every part of the state’s government.
Governor Jerry Brown would also increase funding for K-12 education if voters approve his proposal to hike income taxes on the rich and sales taxes on everyone. These new tax hikes would target the rich — those earning more than $250,000 — increasing their taxes by 3% over the next seven years.
This would affect about 1% of tax filers. “We can’t balance this budget with cuts alone,” Governer Brown said. “The budget I’m proposing will boost funding for education, protect public safety and prevent an even deeper round of trigger cuts.”
At the same time as its budget mess however, California is planning to spend $6 billion on a bullet train track through the Central Valley to be completed by September 2017.
It would mean a burn rate of as much as $3.5 million every calendar day, holidays and weekends included or the state would lose some of its federal funding. This rate of spending would be the fastest rate of transportation construction known in U.S. history, according to experts.
Is this a responsible expenditure as the state staggers under the yoke of $16 Billion debt?
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