California’s run out of time

As of Wednesday, state Controller John Chiang began issuing warrants to cover some of California’s financial obligations. So far, it’s primarily just hurting those who were getting tax refunds. The longer the legislature and governor dither over this, the more obligations California cannot pay and the higher the cost to repay becomes, further building on our deficit.

My solution: get to work passing a balanced budget based on what the State of California can realistically anticipate in income. Current income, based on existing taxes and without borrowing from other funds or siphoning money from local government.

That’s going to mean dramatic cuts, many that we may feel here in Pasadena. It’s also going to mean an end to a lot of pet projects, unnecessary board and commissions, entitlements and programs. It could also force a realistic look at our state’s finances and a cold hard look at everything from state elected officials salaries, to employee pensions, to those very expensive presumptions that make worker’s compensation insurance so expensive.

It’s time for California’s elected officials to see what their constituents already understand, don’t use accounting tricks, borrowing, raids on municipal funds or higher taxes to balance the budget, just make what you have in income match what you have in expenses right now, then worry about how to reinstate programs, entitlements, benefits or salaries once our state is on a solid financial footing.

We know it will be painful.  That does not make it any less necessary for our elected officials in Sacramento to face reality and get down to business.

Paul