California Governor Jerry Brown claims California has no option but to cut public services to address a state budget deficit of ~ $16 billion:
“You name it, and we’ve got to cut it.”
There are three immediate options to completely solve this problem:
- California could be its own bank to issue interest-free credit to itself to close the budget deficit, similar to what North Dakota does as the only state with increasing budget surpluses. Governor Brown knows of this option; he vetoed the bill to document the benefits.
- Monetary reform would solve this problem for all states, as it creates debt-free money for direct payment of public goods and services. This allows government to become employer of last resort for infrastructure investment (hard and soft). Because infrastructure historically adds more to the economy than its cost, this means we have the triple benefits of full-employment, state-of-the-art infrastructure, and falling prices for all 50 states.
- Two years ago, I wrote that California’s Comprehensive Annual Financial Report (CAFR) disclosed that Californians had been overtaxed by $367 billion dollars that the state “invested” despite current state employee contributions nearly matching retirement payments, and the availability of a state bank to fund any deficits without interest cost. So get this: as Governor, Jerry sits on twenty times the amount of the budget deficit that we’ve already been taxed and says that’s not enough!?! If one adds all the California various government CAFRs together, the sum has been estimated as high as $8 trillion.
Occupy educates the 99% of “emperor has no clothes” obvious lies and crimes centering on money and war.
The 99% are recognizing that the 1% criminals, of course, also occupy party “leadership” positions at the state level. Why else won’t Governor Brown demand the above three solutions, or demand ending criminal US Wars of Aggression, or demand the end of Wall Street looting in the trillions?