( stress that California Congresspeople voted for
these drastic budget cuts that affect Californians
and New Yorkers the most)
http://www.latimes.com/news/opinion/editorials/la-ed-calmoney29nov29,0,6117043.story?coll=la-news-comment-editorialsDark clouds are back
November 29, 2005
THE NEWS A FEW WEEKS AGO that California's budget was enjoying a revenue surge (even a temporary one) brought a sunny tinge of optimism to the economic conversation. Now the pessimistic clouds are back, like a bore who won't leave the party. Blame congressional budget cuts, a job slowdown and signs of a slower housing market.
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The state's high immigrant population and increasing income gaps will magnify its losses. Two stagnant months in the state's job-creation figures (previously fueled in part by home construction and a hot real estate market), combined with the federal cuts, mean that the $4-billion projected increase in revenue next year may vanish.
All of the state's GOP delegation in the House voted for the spending bill. Rep. David Dreier (R-San Dimas) said "the deficit must be cut, reforms must be undertaken, and the Congress will act." Unfortunately, that action won't include any rollback of the high-earner income tax cuts passed in 2001 and 2003, which would be the swiftest way to ease the growing federal deficit.
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