The California budget and the crisis of public education
The budget situation is not unique to California. Twenty-two other states already face a combined budget shortfall of approximately $39 billion for fiscal year 2008-2009, according to the Center on Budget and Policy Priorities. This is double the number of states that reported a deficit six months ago.
Schwarzenegger is scheduled to release a revised budget proposal on May 15 after tax receipts are collected and tabulated. Many analysts have projected a sharp decline in property tax revenue, which would only intensify the current budget crisis and perhaps lead to even greater spending cuts. Schwarzenegger has adamantly refused to raise taxes of any kind, particularly on the states wealthiest residents, whom he cynically claims simply dont have the ability to make any additional contributions to the states coffers.
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