California, more promises than taxes; Republicans on a spending binge

Dan Water, our favorite California pundit, talks about the myriad of tax increases coming down the line in 2016. We have already had our additional energy tax, having nothing to do with emissions. These is a tax on services making its way through the legislature, and a new ballot measure in the works to make Jery's temporary income tax hike permanent.  Now we have a revision to Prop 13 to raise more business revenue.

That plan looks to nearly add something like 40 billion in new taxes. 8 billion each from the property tax hike and retained income and sales tax, another $10-50 billion from the services tax (the number is still vague). ANd a few billion from Jerry's gas tax.   That is about 30% more promises than tax income, no rainy day budget savings in store fo the Flounder.

Congress is doing the same. After saving over $100 billion in interest rate costs they have raised spending by 200 billion, wiping out the savings and leaving us worse off.

Republican Congress goes deficit spending

That last jump in federal savings, 200 billion. Congress, especially the Republican binge senders plan on doing it again.

So, we have the perfect storm brewing, unless someone comes to their senses.