From the Emails for Friday 070309
Hey folks,
Yes, this one is actually the Friday Edition. Happy Friday. You know, one of these weeks I might just do the entire week from the Emails. You folks out there find some great stuff. Today is no different.
Yes, I did see this. This is just completely unbelievable. Well, not unbelievable, but what I do not get is WHERE IS THE OUTRAGE? How can these Morons get away with this. Oh, TS pointed this out to me, by the way. The article is from CNN Money - Cash-poor California turns to IOUs
I will be commenting on this one. Here it is.
The Golden State is running short on cash so it is issuing IOUs to some contractors, agencies and taxpayers. By Tami Luhby, CNNMoney.com senior writer Last Updated: July 2, 2009: 6:07 PM ET
NEW YORK (CNNMoney.com) -- Here come the California IOUs.
Unable to meet its bills for the second time this year, the state started printing IOUs on Thursday. Some 28,750 IOUs worth $53.3 million will be issued initially, mainly for personal income tax refunds.
That's right folks. If you live in California, you work hard all year, and you are counting on your refund? Sorry. Your IOU is on it's way.
The IOUs helps the state controller stave off a deficit of nearly $3 billion for July. The state plans to send the IOUs to certain county agencies, small businesses and taxpayers owed billions of dollars.
The state's fiscal condition is disastrous. Officials passed a budget in February, but declining tax revenues have opened up a $26 billion deficit.
So why? Out of control spending and Liberal Loon policies. Some of which Obama and crew what to take Nationwide.
Lawmakers and Gov. Arnold Schwarzenegger are locking horns over how to bridge the gap: The governor wants to use deep spending cuts and borrowing, and Senate Democrats are pushing tax increases and less-severe cuts.
Of course. That is the Left's main plan for ANYTHING. More taxes. They could not possibly spend LESS or cut idiotic policies. No. YOU better pay MORE.
Schwarzenegger on Wednesday declared a fiscal emergency, giving the legislature 45 days to address the crisis. He also ordered state workers to take a third furlough day every month.
On Thursday, however, it appeared progress had been made and a deal may be struck within days.
"It's time that we get this done. It's time that we move to a close quickly. It's going to take compromise," said Senate President pro Tem Darrell Steinberg, adding that a tax package proposed earlier by the Democrats is off the table.
The damage, however, is already being done. The IOUs will cost the state millions in interest and could hurt its bond rating. And California residents and businesses won't get paid on time.
But you know who will? More on that in a second.
"Unfortunately, the state's inability to balance its checkbook will now mean short-changing taxpayers, local governments and small businesses," state Controller John Chiang said last week.
It gets worse folks. Who needs small business anyway? They have NEVER been important to the Left. EVER. Even though Obama just said, "Big businesses were once small businesses." Not if they are KILLED before they get there Mr. President.
The IOUs can be redeemed at face value, plus 3.75% interest, by Oct. 2 or earlier if a budget deal is signed and the state has enough cash to cover them. Some banks and at least 25 credit unions have agreed to accept the IOUs. Bank of America, Chase, Citi and Wells Fargo have said they would accept the paper through July 10.
The last time the state had to issue IOUs was amid another budget crisis 17 years ago. It had to delay $2.8 billion in payments for five weeks starting in February after the governor and legislators failed to address a $42 billion deficit at that time. The two sides came to an agreement and Schwarzenegger signed it into law on Feb. 20.
Voters delivered a crushing blow to the state finances in May, when they rejected five ballot proposals that would have eased the budget strain.
Yeah, they said NO NEW TAXES, and NO MORE GOVERNMENT. So what is the reasonable alternatives? CUT WASTE and REDUCE spending. But they won't do THAT.
Things will only get worse if state officials don't come to an agreement soon. The cash shortfall widens to $6.5 billion in September. After then, even IOUs won't be enough, said Hallye Jordan, spokeswoman for the controller. The gap will hit $16.7 billion by October.
Who is affected
To save money for education and debt payments, Chiang plans to withhold $424 million that would go for state operations, primarily to vendors, as well as another $141 million in payments to small businesses.
Nearly $200 million in personal income and corporate tax payments would be delayed. Regional centers that provide services to those with developmental disabilities would get IOUs instead of $363 million, while the CalWorks welfare program wouldn't get $495 million right away.
The IOUs can have devastating effects on residents and companies, particularly small businesses.
Gloria Freeman runs Staff USA, which supplies medical staff for state prisons and other facilities. State contracts represent 80% of her business.
"I have already laid off 5 employees in preparation for IOUs," Freeman said in a statement Wednesday.
Now I was waiting to see if they said who was NOT effected. They didn't. So allow me. To recap:
People who get California IOUs?
Grants to aged, blind or disabled persons.
People needing temporary assistance for basic family needs.
People in drug prevention, treatment, and recovery services.
Persons with developmental disabilities.
People in mental health treatment.
Small Business Vendors.
People NOT effected and whom California pays in cash, and on time?
Legislators, legislative employees, and appointees.
University of California.
Public Employees’ Retirement System.
Judges.
Department of Corrections.
Health Care Services payments to Institutional Providers.
That's right folks, Grants to aged, blind or disabled persons, sorry tough luck. People needing temporary assistance for basic family needs? BASIC NEEDS? Screw ya. People in drug prevention, treatment, and recovery services. Keep doing your drugs. After all, you won't care about the economy while high. Besides, once we find a way to tax that, we'll need all the addicts we can get. Persons with developmental disabilities and people in Mental Health Treatment. Well, they do not know how bad off they are anyway. They are just a burden. They can wait. Small Business? Screw ya. You are to small for us to control anyway. Tough luck.
Legislators? Hell no. We are not giving ourselves IOUs. Are you nuts? We need to get paid. We are smarter than you and we are in charge of this, so you will continue to give US your money. You know, so we can spend it. University of California? Of course. We need our Indoctrination Centers to be funded with your money. We are not getting any younger. We need to raise the next crop of Socialist. Public Employees’ Retirement System? Of course. We are talking about OUR money you know. We also have to take care of our Lackeys. Judges and Department of Corrections? Of course. We need to pay those that lock up those that do not agree with us. Uh, we mean, we have to protect the public. Health Care Services payments to Institutional Providers? Of course. We have to take care of the Illegal Aliens.
After all, this is ALL YOUR FAULT ANYWAY. You are to stupid to do the right thing. Didn't you listen to Colon Powell? You WANT bigger Government and higher taxes. Didn't you listen to VP Biden? It's time to be patriotic and pay more taxes. Didn't you listen to Obama? Taxes and high Energy costs are GOOD. No. No, you stupid idiots. You DARED to block us from Dictating to you what is best for you. You really do not expect us to take pay cuts or cut our spending on pet projects did you? Here is your IOU. Trust us, were good for it.
Yes my friends in California. It is all your fault. Not the asinine out of control Liberal spending on FAILED policies. YOU. You voted to STOP the madness. So this is pay back to you. Imagine this on the National Level. 2010 is just around the corner. Get ready folks. You CAN slow the madness down.
Peter
Sources:
CNN Money - Cash-poor California turns to IOUs
Reuters Blog - Felix Salmon
Hey folks,
Yes, this one is actually the Friday Edition. Happy Friday. You know, one of these weeks I might just do the entire week from the Emails. You folks out there find some great stuff. Today is no different.Yes, I did see this. This is just completely unbelievable. Well, not unbelievable, but what I do not get is WHERE IS THE OUTRAGE? How can these Morons get away with this. Oh, TS pointed this out to me, by the way. The article is from CNN Money - Cash-poor California turns to IOUs
I will be commenting on this one. Here it is.
The Golden State is running short on cash so it is issuing IOUs to some contractors, agencies and taxpayers. By Tami Luhby, CNNMoney.com senior writer Last Updated: July 2, 2009: 6:07 PM ET
NEW YORK (CNNMoney.com) -- Here come the California IOUs.
Unable to meet its bills for the second time this year, the state started printing IOUs on Thursday. Some 28,750 IOUs worth $53.3 million will be issued initially, mainly for personal income tax refunds. That's right folks. If you live in California, you work hard all year, and you are counting on your refund? Sorry. Your IOU is on it's way.
The IOUs helps the state controller stave off a deficit of nearly $3 billion for July. The state plans to send the IOUs to certain county agencies, small businesses and taxpayers owed billions of dollars.
The state's fiscal condition is disastrous. Officials passed a budget in February, but declining tax revenues have opened up a $26 billion deficit.
So why? Out of control spending and Liberal Loon policies. Some of which Obama and crew what to take Nationwide.
Lawmakers and Gov. Arnold Schwarzenegger are locking horns over how to bridge the gap: The governor wants to use deep spending cuts and borrowing, and Senate Democrats are pushing tax increases and less-severe cuts.
Of course. That is the Left's main plan for ANYTHING. More taxes. They could not possibly spend LESS or cut idiotic policies. No. YOU better pay MORE.
Schwarzenegger on Wednesday declared a fiscal emergency, giving the legislature 45 days to address the crisis. He also ordered state workers to take a third furlough day every month.
On Thursday, however, it appeared progress had been made and a deal may be struck within days.
"It's time that we get this done. It's time that we move to a close quickly. It's going to take compromise," said Senate President pro Tem Darrell Steinberg, adding that a tax package proposed earlier by the Democrats is off the table.
The damage, however, is already being done. The IOUs will cost the state millions in interest and could hurt its bond rating. And California residents and businesses won't get paid on time.
But you know who will? More on that in a second.
"Unfortunately, the state's inability to balance its checkbook will now mean short-changing taxpayers, local governments and small businesses," state Controller John Chiang said last week.
It gets worse folks. Who needs small business anyway? They have NEVER been important to the Left. EVER. Even though Obama just said, "Big businesses were once small businesses." Not if they are KILLED before they get there Mr. President.
The IOUs can be redeemed at face value, plus 3.75% interest, by Oct. 2 or earlier if a budget deal is signed and the state has enough cash to cover them. Some banks and at least 25 credit unions have agreed to accept the IOUs. Bank of America, Chase, Citi and Wells Fargo have said they would accept the paper through July 10.
The last time the state had to issue IOUs was amid another budget crisis 17 years ago. It had to delay $2.8 billion in payments for five weeks starting in February after the governor and legislators failed to address a $42 billion deficit at that time. The two sides came to an agreement and Schwarzenegger signed it into law on Feb. 20.
Voters delivered a crushing blow to the state finances in May, when they rejected five ballot proposals that would have eased the budget strain.
Yeah, they said NO NEW TAXES, and NO MORE GOVERNMENT. So what is the reasonable alternatives? CUT WASTE and REDUCE spending. But they won't do THAT.
Things will only get worse if state officials don't come to an agreement soon. The cash shortfall widens to $6.5 billion in September. After then, even IOUs won't be enough, said Hallye Jordan, spokeswoman for the controller. The gap will hit $16.7 billion by October.
Who is affected
To save money for education and debt payments, Chiang plans to withhold $424 million that would go for state operations, primarily to vendors, as well as another $141 million in payments to small businesses.
Nearly $200 million in personal income and corporate tax payments would be delayed. Regional centers that provide services to those with developmental disabilities would get IOUs instead of $363 million, while the CalWorks welfare program wouldn't get $495 million right away.
The IOUs can have devastating effects on residents and companies, particularly small businesses.
Gloria Freeman runs Staff USA, which supplies medical staff for state prisons and other facilities. State contracts represent 80% of her business.
"I have already laid off 5 employees in preparation for IOUs," Freeman said in a statement Wednesday.
Now I was waiting to see if they said who was NOT effected. They didn't. So allow me. To recap:
People who get California IOUs?
Grants to aged, blind or disabled persons.
People needing temporary assistance for basic family needs.
People in drug prevention, treatment, and recovery services.
Persons with developmental disabilities.
People in mental health treatment.
Small Business Vendors.
People NOT effected and whom California pays in cash, and on time?Legislators, legislative employees, and appointees.
University of California.
Public Employees’ Retirement System.
Judges.
Department of Corrections.
Health Care Services payments to Institutional Providers.
That's right folks, Grants to aged, blind or disabled persons, sorry tough luck. People needing temporary assistance for basic family needs? BASIC NEEDS? Screw ya. People in drug prevention, treatment, and recovery services. Keep doing your drugs. After all, you won't care about the economy while high. Besides, once we find a way to tax that, we'll need all the addicts we can get. Persons with developmental disabilities and people in Mental Health Treatment. Well, they do not know how bad off they are anyway. They are just a burden. They can wait. Small Business? Screw ya. You are to small for us to control anyway. Tough luck.
Legislators? Hell no. We are not giving ourselves IOUs. Are you nuts? We need to get paid. We are smarter than you and we are in charge of this, so you will continue to give US your money. You know, so we can spend it. University of California? Of course. We need our Indoctrination Centers to be funded with your money. We are not getting any younger. We need to raise the next crop of Socialist. Public Employees’ Retirement System? Of course. We are talking about OUR money you know. We also have to take care of our Lackeys. Judges and Department of Corrections? Of course. We need to pay those that lock up those that do not agree with us. Uh, we mean, we have to protect the public. Health Care Services payments to Institutional Providers? Of course. We have to take care of the Illegal Aliens.
After all, this is ALL YOUR FAULT ANYWAY. You are to stupid to do the right thing. Didn't you listen to Colon Powell? You WANT bigger Government and higher taxes. Didn't you listen to VP Biden? It's time to be patriotic and pay more taxes. Didn't you listen to Obama? Taxes and high Energy costs are GOOD. No. No, you stupid idiots. You DARED to block us from Dictating to you what is best for you. You really do not expect us to take pay cuts or cut our spending on pet projects did you? Here is your IOU. Trust us, were good for it.
Yes my friends in California. It is all your fault. Not the asinine out of control Liberal spending on FAILED policies. YOU. You voted to STOP the madness. So this is pay back to you. Imagine this on the National Level. 2010 is just around the corner. Get ready folks. You CAN slow the madness down.
Peter
Sources:
CNN Money - Cash-poor California turns to IOUs
Reuters Blog - Felix Salmon
5 comments:
In my own state the governor wants to raid the retirement fund. The same fund that the state has underfunded for years while state workers pay into it.
He is pushing for an income tax increase which he calls temporary.
Well I remember another temporary increase we had years ago that became premanet.
Meanwhile he is talking about pet projects he wants to do while complaining about a shortage of revenue.
When George Ryan was governor of Illinois he had a highway program to improve all the highways and he increased several taxes to pay for it along with license fees.
Now here we are just a few short years later and we once again hear the cry that the highways need vast work done on them.
The present governor, Pat Quinn, is loathe to cut expenses except those of the state workers and essential services. He seems to not want to cut extraneous services.
He is a democrat
IOU's isn't that what the US dollar is?
Hey Sam,
Yeah we see this all the time. Like Lotto money going to the "School systems" The Public schools are war zones with an ever increasing drop out rates. Teachers having to buy their own resources, ETC. Where is the money?
Obama? TRILLIONS spend, NOTHING solved. Where is the money?
Then when there comes a time when there is no more money, instead of cutting what they are spending, they want to increase the money at any costs to those that have to pay it. Instead of doing away with FAILED programs, They throw MORE money at them.
The really sad thing? People keep reelecting the same people that screw them on a ever increasing daily bases.
Peter
Hey D.S.
Under this Congress and Adminstration? {Laughing}
Yeah. Pretty much.
Peter
Hey John,
Welcome to the OPNTalk Blog
There’s nothing wrong with small denomination California State IOUs if I or anyone else can pay their taxes with them.
Yeah I doubt that this would even be considered. I get your point and even agree with you. But we all know, the politicians WANT and will GIVE themselves THIER money.
When Argentina’s government workers were faced with cuts, their unions talked 6 state governments into paying them with small-denomination state bonds which could be used to pay for state services and taxes and which everyone accepted as useful currency. Best of all, when the local currency is pegged to the Time Standard of Money (how many dollars per unskilled hour child labor) Hours earned locally can be intertraded with other timebanks globally! In 1999, I paid for 39/40 nights in Europe with an IOU for a night back in Canada worth 5 Hours.
U.N. Millennium Declaration UNILETS Resolution C6 to governments is for a time-based currency to restructure the global financial architecture. See my banking systems engineering analysis at
http://youtube.com/kingofthepaupers
Too bad California State IOUs won’t be accepted in payment for state taxes and services like state bonds were in Argentina. Too bad California State IOUs will be denominated too big to use as local currency. Too bad Argentina people were smart enough to avoid the tent-cities catastrophe and California people are too stupid to follow their example.
Leaders are only as good and the people are educated that elect them. Ignorance is a most expensive and dangerous commodity we have. And that is Global.
Thank you so very much John. I will be checking out the Video as soon as time allows. Very interesting. Thank you for adding.
Peter
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