Breaking News of California's New Budget Proposal for 2009

So we all know that several states are in dire need of money because they were too stupid to save any money in the past when tax revenues were high. Many have asked for emergency bailout money from the federal government and have received a sypathetic ear almost everywhere.

Today governor Patterson of New York proposed a new budget that only increased 1% over last year! Glorious Revolution!!! I'm completely out of money so I'm just increasing what I spend by 1%. In a state where everything is regulated, taxed, incentivized and ueber-liberal, there will now be 88 new fees and/or taxes for those cash-strapped New Yarkers.

Some include an "iPod tax" that charges state and local sales tax for "digitally delivered entertainment services", State sales tax at movie theaters, sporting events, taxis, buses, limousines and cable and satellite TV and radio, costlier driving with the repeal of the 8-cents-per-gallon sales tax cap on motor and diesel motor fuel, plus and increase in the auto rental tax, tuition increases at state colleges, a 50 cent tax on cigars, no more sales tax break on clothes and shoes worth $110 or less, except during two weeks a year, higher taxes on wine, beer and flavored malt beverages. He would also impose an 18% tax on non-nutritional drinks like soda. The rich would pay more for luxury items through an additional 5% tax imposed on cars costing more than $60,000, aircraft costing more than $500,000, yachts costing at least $200,000 and jewelry and furs costing in excess of $20,000. In addition, a host of a fees, including those related to motor vehicle licensing and registration, parks and auto insurance, would go up, as would various state-imposed fines. Source here.

Glorious Revolution has obtained an exclusive copy of Republiliberal Governor Arnold Scharzenegger's notes for a news conference tomorrow and I have taken the liberty of posting them here. With both of my readers, this should help get the word out.

Fellow Citizens of the Great State of California, (to be read in an Austrian accent)

The following steps will be used to help ease the pain of the state checkbook.

1. Christmas lights-They are a waste of energy and a source of marital divisiveness. Christmas is an offensive Christian holiday anyway not celebrated by most progressives in California or at least not in the Bay Area.

2. Public television-Under the current tax code, too much valuable entertainment such as "Celtic Woman" and "Riverdance" has been given away for free for too long for those willing to watch the telethon commercials.

3. Drive In's-Old fashioned hamburgers and shakes have to be double taxed. If you want to enjoy them you will be paying dearly. They fatten you first of all and second of all, if you eat in your car you will be polluting the environment. "Idling eaters" would be ticketed.

4. Mini-Vans-This is an indirect tax on large families-Specifically bigoted "Pro-8" Mormon families. They are over-populating our already stressed planet with religious children and a mini-van tax should curb their overactive libidos. At least until the economy is back on track.

5. Carpet in General-Carpet is a petroleum product and contributes to the overall demise of mankind and must have a tax levied against it to promote eco-friendly floors such as dirt and bamboo.

6. Roast Beef-regular Glorious Revolution readers already know how much pollution those darn cows make.

7. Toilet Tax-Private johns will be taxed by the flush to deter water wasters and help with recent pay increases to the local sanitation workers union. Toilet paper will be extra. Citizens are counseled to compost their own waste and use it for composting home grown salsa gardens.

8. Fruit and Vegetable Tax-for those who don't heed afore-mentioned waste composting counsel.

9. Running Water tax-civilizations did without it for thousands of years and it didn't kill them...oh wait....

10. Grass Tax-any citizen with more than 10 square feet of lawn for their dog to do it's business on will be taxed at a rate of $5 per square foot per month until the grass dies and is replaced by xero-scaping.

11. Mail tax-this has been a service provided by the federal government but we are still going to tax it. It will still be available for those who really need it.

Hey at least we're not infringing upon the rights of i-pod owners like NY!! That's ridiculous.

Scary because you know some might actually be tried!

Merry Christmas...Now Go get yourself a Ferrari

Do you remember the seagulls on "Finding Nemo"? Mine.mine.mine.mine.mine.mine. I found their human equivilents.

I wonder sometimes why there is so much distrust in the financial services industry. Probably for the following reasons.

1. American Express Financial Advisors. It always made me wonder why anyone would think it was a good idea to get your financial planning advice from a credit card company. To boot, earlier this week AMEX credit card division abandoned its status as a credit company and gained Federal reserve approval to be a bank holding company so it could be eligible for Federal TARP funding. It apparently needs $3.5 Billion to stay in business.

2. E-trade. The do-it-yourself-because-you-know-better-than-a-professional website that touts being the discount broker is also asking the government for $800 Million. It's apparently made some bad investments in home equity loans. sniff...sniff.....

3. American International Group. Our favorite "world's largest corporation" AIG has spent the initial $85 Billion from the taxpayer and now wants a piece of the financial pie. But not much. Just another $40 Billion.

4. Merrill Lynch. A standard of supposed strength in brokerage houses is now a subsidiary of the Bank of America. Obviously a good acquisition since Bank of America is asking the government for $15 Billion in addition to the $10 Billion Merrill Lynch already received. "Honey, we are bankrupt. But my friend has a Ferrari and I bought it so it wouldn't be repossessed."

5. Goldman Sachs and JP Morgan. The last two investment bankers in the world. Not anymore. They have died their hair and got a little plastic surgery and are now bank holding companies-enabling them to ask the treasury for a sugar-daddy loan. Apparently they have a need to reach their hand in the treat bag as well. At the tune of $25 Billion a piece.

This hasn't stopped Wall Street Bankers from getting their year end bonuses. Somewhere around $200,000 a piece. Merry Christmas to you. ooops.. I mean Happy Holidays.

I can't understand why people are so cautious about big corporations that handle their money. It just doesn't make any sense. Do you think if I sit hear with my mouth wide open, do you think the government would drop something in my mouth for doing nothing? Oh yeah...that's the welfare program. Silly me.

Don't Mix the Kool-Aid!

Today, New York State Governor David Patterson held a press conference with the same tone as California did about a month ago. "We are broke and we'll need federal assistance"An article about it can be found here. Since New York State derives a whopping 20% of it's revenues from Wall Street which is obviously not making the money it once was, the State find itself much like a welfare recipient told that he will have to go to work or sell the bimmer. The falling revenues have ballooned the deficit projection for the state to $12.5 Billion. So here's my question for the day....if this was your household and you found out that next year you'd be severely in debt, what would you be expected to do? Probably sell your belongings, get another job, move from your home and reduce your standard of living. And when a government faces extreme debts? We just ask for a loan, a grant or assistance from the federal government's checkbook from the Bank of China. Is it any coincidence that the first two states to publicly acknowledge their financial turmoil are irrefutably and by far the two most socialistic and big government run liberal homesteads? Eh....don't think so.

So what should these states do? Perhaps some welfare reform, perhaps some funding cuts for their ultra-liberalized education system and less government bureaucracy. I don't think New York or California deserve any more federal grants. In 2006, New York received 5.9% of the entire country's budget. ($144 Billion dollars in government assistance) What American in their right mind would let the State get away with asking for more? Trim some fat people.....

So what did we learn today?

#1.Socialism and Capitalism don't mix. You can't have it both ways. If you're going to spend the money, you'd better have it to spend before you write the check. However, there is always the US Government which has opened the door and given itself to become the "Sugar-Daddy" of the new century.

#2. If you're going to ride the liberal high tide of spending on government social programs on the backs of Wall Street investors in the good times, then you'd better think twice about denouncing the "evils of American Capitalism" in the bad at the risk of appearing to be a financially illiterate kool-aid drinker.

#3. Diversify your investments and save 10 percent of your income for a rainy day. These "ideas" have been around a while. If NY knew that 20% of it's income depended on securities who hedged that the overinflated prices of 600 sq. ft. Manhattan apartments averaging $1.67 M would continue to rise, don't you think you'd have a back-up plan if Wall Street had a period of repricing? That never happens though..I mean look at history......or not. And just because you have the money doesn't mean it needs to be spent. It rains in New York right?

This is one socio-economic policy whose merits the Manhattan liberals would have a hard time explaining. (Notice a couple of the links are to the unbiased NY Times?)

The Giant Checkbook in the Sky.....

For you small government folk out there, I have found a website to make your blood boil. I ran into it on accident today and decided to see how our great state of Utah is helped out by our federal government. To see the list of recipients and amounts they received through grants, and federally guaranteed loans and the such click here.

In 2006 alone, the federal government gave assistance to entities in the State of Utah totaling $10,559,308,443.

I understand the importance of federal tax dollars helping some organizations like schools, cities and veterans affairs but excuse me if I have a problem with Planned Parenthood of Utah receiving $1,281,330 of our tax dollars to run their agendas. This was not a loan to planned parenthood it was a grant to a "non-profit." Countdown to blood reaching boiling point in 2 minutes........Furthermore, why would the St. George H&R- freaking-Block need a federally guaranteed loan of $243,750? Doesn't H&R Block do well enough without the help of the taxpayer? You may be wondering why Joy-Luck Chinese restaurant is so much nicer. It may have been the $965,000 loan we gave them. You may want to take a look through the list and see the number of small businesses that our federal government gives loans/grants to.

I understand that the federal government has a responsibility to it's citizens but I can't remember where it is written that we give free money and federally guaranteed loans to private enterprise and left wing nut-jobs. Can't the private sector deal with Small Business Loans as well if not better than the government? Unless of course it was shoved into an economic rescue bill somewhere. Why is my government spending money in places like this? Why are we such a socially dependant society that subscribes to the mantra of- "I'll let someone take care of me"? Perhaps the answer lies within our own government's fiscal policies. Call it a new use for the term "trickle-down-effect".

Many fret that we may soon see a socialistic style government with Obama in office. As John McCain might put it "I have news for you my friends" we already do. Excuse me while I go read the constitution. This stuff has to be in there somewhere....doesn't it......???