You know those commercials where the Governator and celebrities are living it up in California urging you to come and visit? I like those ads. They make me feel proud that the state I’m living in is a place people want to visit. Unfortunately, California is not as flawless and inviting as those commercials make it seem. Look no further than the IOU that may be coming to me in my mail this year instead of a tax refund. That’s right, you heard correctly. Michael Marois of Bloomberg.com reports, “California is forecasting that it will collect about $42 billion less than it will need to pay its bills over the next 18 months because of the yearlong national recession”. It seems that Arnold is a little too interested in upholding his status as a Republican’s Republican. As a result, he has failed to find common grounds with the Democrats whose $18 billion package of tax increases and spending cuts was vetoed by the Governor…again. According to Marois, California “may run out of money as soon as February, forcing the state to issue IOUs instead of cash to judges, lawmakers and those set to receive tax refunds”
California to issue I.O.U.’s. It’s like a really bad joke. “Hey honey, our tax refund is here!” Open it up and find a hand written note on a torn off piece of lined paper that reads “Dear Larry, this IOU is good for the $1232.76 that we, the State of California, owe you and your family. We’ll try to have it to you as soon as we can. Thanks for your patience, Arnold.”But in all seriousness, this budget stalemate is costing more than it’s worth to uphold Arnold’s “tough stance on raising taxes”. Construction on schools, roads and other public works, are not able to be approved and will potentially cost tens of thousands of people their jobs. It’s causing serious educational setbacks as well. The termination of teachers, holding up school funding, and Arnie even proposed cutting the school years for each district by 5 days. Let’s get it together California politicians. Have any other states ever had this much trouble coming up with a budget? What a bureaucratic embarrassment for the state of California. There’s no doubt that California is a spectacular state. And you should want to visit. But if I see another one of those “come to California, we’re the best” ads on TV, I’m turning the channel.
California to issue I.O.U.’s
Written by Team Aguilar member, Andrew Brentan