OT - California Recall Cont'd...
mlsoft, I believe you are possibly regurgitating your latest read of The New Republic when you state with no facts that "Davis has been a disaster for the State." {g}
But seriously, if I remember correctly, you live in Tennessee which I believe has no Personal Income Tax which may cause you to be somewhat removed from the biggest reason for the CA budget deficit (which by the way pales in comparison to what Georgie Boy is doing to the Federal Budget Deficit). I believe there are roughly 10 states or so in this fine nation with no income tax and Tennessee is one of them along with VT and NH, TX, Alaska, South Dakota, WA, Nevada, FL, and maybe Colorado - I once knew these and could be wrong on the list but they come to mind.
Unfortunately, CA has a big income tax and that means they receive STOCK OPTION REVENUE and CAPITAL GAINS REVENUE. In fact in Fiscal 2000 - 2001, California received around $70B in total revenue and around 25% of that $70B, or $17.5B came from STOCK OPTIONS and CAPITAL GAINS. In fiscal 01 - 02, that total went from 25% down to around 11%, 02-03, expected to be further reduced down to around 7%.
Many states that receive revenue from STOCK OPTIONS and CAPITAL GAINS are facing big budget deficits because they didn't count on the bubble bursting like it did. Probably most to blame is the federal CBO (Congressional Budget Office) whose analysts failed to anticipate that these sources would dry up as fast as they have, and almost without exception everyone involved is scrambling to make up the difference. A completely different conversation involves how each state (including CA) should put money away from the "go-go" years of the 90's "in case" something like this happens but I've never met a politician that knows how to "save for a rainy day."
Now this problem is exacerbated tremendously in a state like CA due to Silicon Valley companies which have made it customary to grant their employees (citizens of California) large parts of compensation in the form of STOCK OPTIONS.
So how much is Davis to blame for this shortfall in revenue? About as much as Greenspan and Bush in my opinion so if you think we should recall Davis, than we should probably recall Bush as well.
Now you can bring up the energy crisis and some other petty little things but none warrant this lynch mob attemp to oust Davis.
Because I believe this is another very dirty Republican effort to steal the Governorship of California, I will definitely be voting NO ON THE RECALL AND YES ON BUSTAMANTE (who is not as qualified as Davis but the next best thing).
The more Arnold opens his mouth, the more he will sink the Republican party and I don't think the Buffet circus will save him but I could easily be surprised here.
AI
