California’s Total Government Debt Rises to $1.3 Trillion
A just released study calculates the total state and local government debt in California as of June 30, 2015, at over $1.3 trillion. Authored by Marc Joffe and Bill Fletcher at the California Policy Center, this updates a similar exercise from three years ago that put the June 30, 2012 total at $1.1 trillion. As a percent of GDP, […]
What’s Behind the Cap and Trade Urgency Budget Proposal
The governor’s budget calls for $2.2 billion in spending from revenue secured under the Cap and Trade law—but there’s a catch. The money would only be released if the legislature passes an urgency measure, which requires a two-thirds vote, thus confirming the Air Resources Board’s authority to administer the Cap and Trade program beyond its […]
Politics in Perspective
Two weeks in London in December provided a chance to gain a fresh perspective on the United States’ crazy politics of 2016. The bottom line is that the U.S. isn’t alone. New economic and cultural realities worldwide have sewn a sense of resentment and displacement among traditional working class constituencies in England and the rest […]
Brown Budget Proposal Sparks Tax-Cut Opportunity
For the first time in 30 years of writing on California budgets, I believe revenue projections are way too low in a governor’s January proposal. But that’s OK. Lower revenue expectations certainly mean there’s less chance of overspending, the common problem! Gov. Jerry Brown’s budget, announced Jan. 10 at a press conference, projects a deficit […]
The Slaves of La La Land—and South Los Angeles
The brilliant new film musical La La Land is being celebrated as a love letter to Los Angeles. But the darker heart of the movie lies in a brief and devastating critique of Southern California, delivered by the jazz pianist played by Ryan Gosling. “That’s L.A.,” he tells his lover, an aspiring actress played by […]
Riding the Budget Tiger
Forget about the budget proposal introduced by Gov. Jerry Brown yesterday. The budget plan that will matter is the revised version issued in May–even more than usual–after we learn more about the economy and plans from the new Trump Administration, both of which could have major impacts on the budget. The economy, which has shown […]
Schwarzenegger Suggests a Way to Battle Trump
Has Arnold figured out how to counter The Donald? Trump, via Twitter, went after the Governator last week—dissing him for the low ratings of the first episode in which Schwarzenegger took over for Trump on “Celebrity Apprentice.” “Wow, the ratings are in and Arnold Schwarzenegger got “swamped” (or destroyed) by comparison to the ratings machine, […]
Small Business Reacts to Governor Brown’s Budget Announcement
Small business owners have been among the few voices to insist that the State of California is on the verge of an economic downturn, and today Governor Brown only affirmed this sentiment. The compounding pressures of a $15 state minimum wage, protected leave mandates, and mounting environmental regulations have all caused small business owners great […]
LA May be Forced to Borrow Millions to Make Lawsuit Payments
Despite General Fund revenues being up by over $1 billion since Eric Garcetti became our Mayor, the City Administrative Officer indicated in a January 6 memo that the “combined potential deficit [for the fiscal year ending June 30, 2017] currently stands at $245 million.” You have to be kidding. A billion bucks and these jokers […]