Posted by Michel Lazare

To further illustrate our February 1, 2008 post on the difficult fiscal outlook in a number of US states and the harsh measures that states are considering to adjust their fiscal position, here is a YouTube video on the bugetary measures proposed by the Governor of California, Arnold Schwarzenegger.

This video is not dated, but was posted on YouTube on January 26, 2008.

On California's budget woes, see also the January 10, 2008 Associated Press dispatch reproduced by SFGate.com: "Schwarzenegger budget slashes education, releases prisoners." Adding details to the information mentioned in the video, this dispatch also clarifies that Governor Schwarzenegger has declared a "fiscal emergency" in application of Proposition 58.

"Along with announcing his spending plan for the budget year beginning in July, Schwarzenegger declared a fiscal emergency for the current budget year. He also opened debate on his proposed constitutional amendment to limit spending.

 

Schwarzenegger's emergency declaration will be his first since voters gave the governor that power in 2004 by passing Proposition 58. The declaration triggers a special session and a constitutional mandate for the Legislature to address the current year's budget, either by cutting costs or increasing taxes within 45 days."

Finally, on December 28, 2008 the Wall Street Journal publsihed an article titled The Red Ink State on California's budget situation. The latest on-line version of this article includes a link to our February 1 post (see link at the bottom of the page).