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Strategies & Market Trends : P&S and STO Death Blow's

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To: Softechie who wrote (19062)	12/9/2002 2:27:42 PM
From: mishedlo	Read Replies (1) of 30712

California Is at Fiscal Brink By JOHN M. BRODER nytimes.com LOS ANGELES, Dec. 8 — When times were good and billions of dollars in income tax payments were pouring in from high-tech millionaires, California lavished raises on state employees, expanded health care benefits for the poor, cut taxes on car licenses and invested heavily in education and transportation. Those days are over. With its huge economy stalled and state revenues plunging, California has descended into its worst budget crisis in a decade and is now facing an excruciating round of budget cuts and possible tax increases. State officials are proposing deep reductions in education, health services and other programs to deal with a budget shortfall that could total $25 billion in the next 18 months. "That's a hole so deep and so vast that even if we fired every single person on the state payroll — every park ranger, every college professor and every Highway Patrol officer — we would still be more than $6 billion short," said the Assembly speaker, Herb J. Wesson Jr., a Democrat.

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