California Comptroller: Every Day Brings The State Closer To “Fiscal Meltdown”

We mentioned yesterday how California Governor Arnold Schwarzenegger had declared a brand new budget emergency in California, where a $19.1 billion shortfall will force state employees to take time off, with the possibility that the state may bring back last summer IOUs to pay its debts.

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“…upon the earth distressStrongs 4928: sunoche, soon-okh-ay´; from 4912; restraint, i.e. (figuratively) anxiety: — anguish, distress. of nations, with perplexityStrongs 640: aporia, ap-or-ee´-a; from the same as 639; a (state of) quandary:—perplexity.
Strongs 639: aporeo, ap-or-eh´-o; from a compound of 1 (as a negative particle) and the base of 4198; to have no way out, i.e. be at a loss (mentally):— (stand in) doubt, be perplexed
—Luke 21:25

Divided Nation

“But he, knowing their thoughts, said unto them, Every kingdomStrongs 932: basileia, bas-il-i´-ah; from 935; properly, royalty, i.e. (abstractly) rule, or (concretely) a realm (literally or figuratively): — kingdom, + reign. dividedStrongs 1266: diamerizo, dee-am-er-id´-zo; from 1223 and 3307; to partition thoroughly (literally in distribution, figuratively in dissension): — cloven, divide, part. against itself is brought to desolationStrongs 2049: eremoo, er-ay-mo´-o; from 2048; to lay waste (literally or figuratively): — (bring to, make) desolate(-ion), come to nought.; and a house divided against a house falleth.”

“Ah sinful nation, a people laden with iniquity, a seed of evildoers, children that are corrupters: they have forsaken the LORD, they have provoked the Holy One of Israel unto anger, they are gone away backward.”
—Isaiah 1:4

The LA Times has a good writeup on the situation. Perhaps the worst part is not even the fiscal part, but the fact that the political system seems even more broken than it was last year. Nobody seems to think that they’re anywhere close to finding $19.1 billion worth of cuts, and Democrats are threatening to make the state go budget-less (how? We’re not sure, exactly) until Schwarzenegger leaves office in 2011.
Investors in Cali debt may take note:
“Every passing day of political paralysis leads us closer to a completely avoidable fiscal meltdown,” state Controller John Chiang, a Democrat, warned officials in a written statement this week.

The state’s $19.1-billion shortfall remains despite a temporary increase in taxes last year and lawmakers’ slashing of billions from school budgets. Tuition at public universities has skyrocketed, and healthcare and other services for the poor have been scaled back.
Meanwhile, the two sides’ proposals for saving the state are almost a parody: The Governor wants to cut welfare. Democrats want to raise taxes on oil companies.
Hopefully for the state, voters will pass that pro-pot initiative this November. The state could use it.

  1. Becca, 04 August, 2010

    I’m wondering if anyone on who is reading this would add some intelligent comments regarding what they believe the Bible says regarding capitalism. I’ve always wanted to know what other believers think about it.

  2. Phintfog, 13 August, 2010

    I don’t believe that the Bible says much about worldly economic systems except that they are corrupt and will end (Revelation).

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