Tuesday, November 23, 2010

The Truth about California's Budget

Brett Arends makes a strong point that California's budget shortfalls are actually a result of California's subsidizing the rest of the U.S. over the years.


"In the quarter century through 2005 (the most recent year for which we have data), Californians bailed out the rest of America to the tune of about $620 billion in today's dollars. In 2005 alone it came to nearly $50 billion.
That is 30 times next year's forecast "budget shortfall" in Sacramento. The only reason California has a budget problem at all is because they have, foolishly, spent so much money subsidizing everyone else.
If it weren't for that, California could cut its state and local taxes by around $1,300 a person. That's a $1,300 tax cut for every man, woman and child. Hmmm. Funny you never read about that anywhere, isn't it?
Meanwhile, take with giant fistfuls of salt those self-serving claims of fiscal rectitude you're apt to hear from politicians in other states, especially in the South and the West. These states haven't balanced their own budgets with their own money in living memory. Without bailout money from states like California, New York and New Jersey, their taxes would be much higher and their citizens poorer.
But don't expect to hear any of this from California bashers — least of all those on the right. After this November's electoral humiliations of Meg Whitman and Carly Fiorina, the Republican Party is putting away the kid gloves and getting out the knife.
Could California really default? Run the numbers.
State debt costs come to just $6 billion a year — a fraction of the $90 billion-plus budget. Under the state Constitution, the interest on the debt gets paid second, after the $36 billion that goes to K-12 education...."

Read more here.

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