Wow! Running Out Of Money Has Consequences.
02/27/2012 1 Comment
Remember our former Governor “Arnold the Warmer” telling California that we should be following the going green examples in the UK. The UK was going to show the world how to go green, and California should follow their lead in the US.
Now for a little reality check, it seem the fine going green folks in the UK have run of money. The story is in UK Telegraph:
George Osborne: UK has run out of money
The Government ‘has run out of money’ and cannot afford debt-fuelled tax cuts or extra spending, George Osborne has admitted.
In a stark warning ahead of next month’s Budget, the Chancellor said there was little the Coalition could do to stimulate the economy.
Mr Osborne made it clear that due to the parlous state of the public finances the best hope for economic growth was to encourage businesses to flourish and hire more workers.
“The British Government has run out of money because all the money was spent in the good years,” the Chancellor said. “The money and the investment and the jobs need to come from the private sector.
Running out of other peoples money has consequence. I understand that CA revenues keep coming up short month after month according to Controller John Chiang. Treasurer Bill Lockyer has to borrow as much as $1 billion from Wall Street to ease the shortfall until tax season rolls around again. The questions is when will California get it’s reality check?