Thread: California budget~ Borrowing Billions From Pop Bottle Return

Tuesday, May 25, 2010

Borrowing Billions From Pop Bottle Returns - Democrats Latest Scheme to Avoid Balancing California's Budget

Folks you just cannot make this stuff up. To "balance" the California budget Democrats call for new oil tax, borrowing from Wall Street, raiding pop bottle revenues. http://tinyurl.com/23vhotu

State Assembly Speaker John A. Perez on Tuesday outlined an alternative path to balancing California's budget that would raise oil taxes, delay corporate tax breaks and borrow billions from the nickel-and-dime deposits consumers make on recyclable bottles -- and would not require any Republican support.

At the heart of the proposal is the idea of raiding the state's bottle deposits for the next 20 years and then getting an $8.7-billion loan from Wall Street. The programs currently funded by bottle deposits would be reimbursed by a new tax on oil production.

Perez (D-Los Angeles) called his budget plan a "unique and creative approach." A spokesman for Gov. Arnold Schwarzenegger called it "legal gymnastics."

Under his plan, the speaker would cast aside almost all the budget cuts Schwarzenegger proposed earlier this month. The state would use the borrowed money from the bottle deposits to fund programs this year.

To pay back the loan in the future years, the state would then levy a nearly 10% oil severance tax.

Perez calls his plan "unique and creative approach." Governor Schwarzenegger called it "legal gymnastics." I call it "fiscal insanity".

How does California keep electing these fiscal morons?

Mike "Mish" Shedlock

http://globaleconomicanalysis.blogspot. ... ottle.html

do you know How Fricken DIRT Broke a state has to be to count on money from Pop Bottle Returns to pay your bills

If this wasn't so sad I would be laughing my A@@ off

your not by your lonesome Cali ~ all the socialist states in this fractured country are begging for handouts as well ... I'll toss my coke bottle empty to you for first dibs

and OH ~ I suggest you clean up your own DIRT BROKE STATE BEFORE YOU EVEN THINK ABOUT CRITICIZING ARIZONA

SORRY ~ I GOTTA FRICKEN LAUGH AT YOU NUT JOBS

heres 30 cents to get ya started

ya know.. the more I think about it I think this coke bottle return policy should go National

We're all DIRT BROKE ~ Lets Borrow TRILLONS from the Chinese, buy billions of bottles of Coke; recycle the bottles to pull ourself up by the boot straps out of the current Depression

Seems to be online with the Obama Policys

~ Getting Payday Loans with 30% Interest From China

~ Works with the Green Jobs (recycling the bottles)

~ Write Checks that you have no intention of paying back even if you could