State of California Archives: on Budget & Economy
Build economy that's fair to middle-class & small business
With one in 10 people in the Inland Empire unable to find work, and many families earning less than they need to afford the basics, strengthening our economy and creating jobs is my top priority.
We can do that by building an economy that's fair to middle-class families and small businesses.
Source: 2014 California House campaign website, PeteAguilar.com
Nov 7, 2014
$17T debt is unsustainable; scale back government
America faces a $17 trillion debt, an unsustainable amount. We must face the challenge of reducing spending and debt for the benefit of our nation and future generations of Americans.
Debt reduction should start with scaling back the size and scope of the federal government, which has grown too big and too powerful. I support plans to stop spending more than we take in and balance the budget within 10 years.
Source: 2014 California House campaign website, MimiWalters.com
Oct 10, 2014
$2 billion in federal funds: Keep Your Home California
At a time when the recession had left thousands of families struggling financially, Torres responded to the crisis by successfully leading an effort to secure $2 billion in federal funds for the "Keep Your Home California" program. She helped pass the
Homeowner's Bill of Rights to protect consumers from foreclosure. She authored legislation to accelerate the construction of affordable housing, help delinquent homeowners refinance their second mortgages, and make it easier for returning veterans to
Senator Torres has been a vocal proponent to improve California's business climate to help create jobs in the Inland Empire. She fights for job training programs, access to higher education and other tools to improve the skills to
assist people get better paying jobs. She strongly advocates for services and programs that help families transition out of the recession, keep their homes and bring a quality education to their children.
Source: 2014 California House campaign website, NormaTorres.com
Oct 10, 2014
Free enterprise instead of assuring livable income
Q: Free enterprise and the right to private property turn mankind's natural self interest into the fairest and most productive economic system there is, and are the key to national prosperity?
Knight: Strongly Agree
Q: It is the government's responsibility to be sure everyone has health care and a livable income?
Source: Faith2Action iVoterGuide on 2014 California House race
Sep 30, 2014
Ping-pong budgeting makes no sense
In earlier years, Brown was jokingly called "Gov. Moonbeam." But Brown today is grounded much more on earth than in outer space--sometimes to his own party's chagrin. After years of harsh cuts during the recession, Democrats were disappointed that
Brown's proposed budget this year called for socking away billions in a rainy-day fund for future emergencies, rather than restoring some of those cuts.
California's current budget windfall has come almost entirely from a rebounding stock market, and
from billions in revenue generated by a capital gains tax--the most volatile revenue stream. Brown, scarred by budget battles both a few years ago and a few decades ago, said the state should save money in the good years to pay for the bad years.
think that kind of ping-pong budgeting, where first you ping and then you pong, makes no sense," Brown said. "It's cruel budgeting to propose a spending program and then have to finance it two or three years from now by cutting somebody else's program."
Source: Washington Post on 2014 California gubernatorial race
Feb 28, 2014
Follow advice from Book of Genesis: out away some surplus
While we know our revenues will fluctuate up and down, our long-term liabilities are enormous and ever growing. We also must account for future risks that could negatively affect our budgets like congressional decisions and natural disasters.
So we can't go back to "business as usual." Boom and bust is our lot and we must follow the ancient advice, recounted in the Book of Genesis, that Joseph gave to the Pharaoh: Put away your surplus during the years of great plenty so you will be ready
for the lean years which are sure to follow.
Most governors and legislatures--in modern times--have forgotten this advice. This time we won't do that. We will pay down our debts and remember the lessons of history.
Fiscal discipline is not the
enemy of our democracy but its fundamental predicate. To avoid the mistakes of the past we must spend with great prudence and we must establish a solid rainy day fund, locked into the Constitution.
Source: 2014 State of the State Address to California legislature
Jan 22, 2014
Ran program to bail out the nation's largest banks
"California is like a rocket ship with multiple engines running at half throttle," Kashkari said. "We need to be competitive; we need to be in the hunt. We're not, but we can be."
Kashkari previously worked for Goldman Sachs and ran a controversial
Treasury Department program that bailed out the nation's largest banks. He called that experience an example of the bipartisan compromises he hopes to strike in California.
Last year, Kashkari quit his job as an investment banking executive and began
traveling across the state and mulling his run for governor, meeting with potential donors, community organizations and regular Californians. He said he formed his campaign platform--creating jobs and fixing schools--by spending time in a homeless
shelter, meeting with Central Valley farm workers and listening to average Californians discuss their unmet needs. "People don't want welfare; they want jobs," said Kashkari, who did not elaborate on his policy positions.
Source: Mercury News on 2014 California Gubernatorial race
Jan 21, 2014
$27B budget gap then; multibillion-dollar surplus now
Brown noted the recent shift in how the rest of the nation views California, now that the state has closed a $27-billion budget gap from when Brown began his term in 2011.
Instead of being viewed as a failed state, Brown said, California has regained its reputation as an engine of innovation and creativity.
"California is still a very yeasty place," he said, noting the state's record for companies that develop new technologies that grow into major industries.
He said the state now has multibillion-dollar surpluses that can continue for the next several years if state lawmakers spend responsibly.
Source: Los Angeles Times on 2014 California Governor race
Dec 16, 2013
Proposes balanced budget and $12.5 billion in cuts
I am proposing a balanced budget that cuts $12.5 billion from proposed state spending. It's time to restore California to fiscal solvency and put us on the road to economic recovery and jobs.
Since it's going to take time to fully implement the restructuring program, I'm going to ask for five years of extension of existing current taxes. This will allow the restructuring to proceed in an orderly way.
Source: California 2011 gubernatorial press release #16874
Jan 10, 2011
Balanced Budget Amendment leads to irresponsible tax policy
Sam Granato said he opposes amending the US Constitution to adopt California-style rules for the federal budget. "Delayed tax refunds, forced work-reduction furloughs, paying small business vendors with IOUs, court ordered tax increases, downgraded bond
ratings, increased interest rates. All of these things have happened in California because of rules that prevent responsible budgeting. This is a future that I do not want to see for the US. We are better than that," Granato said.
come on the heels of Gov. Arnold Schwarzenegger's declaration of a "fiscal state of emergency" in California on Wednesday, a dire situation that was created by the state's inflexible budget laws and ensuing political gridlock. Mike Lee, Granato's
GOP opponent, has supported adding similar rules on the federal level by amending the US Constitution.
Granato said he opposes a so-called Balanced Budget Amendment because it will invariably result in draconian cuts that will hurt average Americans.
Source: Campaign press release, "California-style Budget Amendment"
Jul 29, 2010
Painful spending cuts & temporary tax increases were needed
[In this year's economic recession] we did what we had to do. We made painful spending cuts. We passed temporary tax increases. We permanently eliminated COLAs for most state programs and we made major reforms in welfare and parole.
$11 billion in water bonds will be on the ballot this November. Some people say "how can we afford these bonds in the current economic climate?" I say, how can we not?
Source: California 2010 State of the State Address
Jan 6, 2010
Concerned about higher federal spending
I am concerned about higher federal spending, although some is justifiable because of the rebuilding of Afghanistan and Iraq and anti-terrorism demands. “Proper tax policies combined with controls on discretionary spending can get us there,
but only if we remember that a good economy sets good tax policy, not the other way around.”
Source: 2004 Senate campaign website JonesForCalifornia.com “Issues”
May 2, 2004
Stop subsidizing the rest of the country
We need to change how government works, ensure corporate responsibility, but also provide the level playing field for California. Jones also believes it is time California stopped subsidizing the rest of the country. For every $1 sent by California
taxpayers to Washington, we receive only 70 cents back in federal services and programs. Jones will fight for a more equal share of federal spending in all program areas, to keep federal dollars in our state supporting California jobs.
Source: 2004 Senate campaign website JonesForCalifornia.com “Issues”
May 2, 2004