Jim Rogers: Chainsaw Spending

June 13, 2011 - By admin

John Seiler:

Famed investor Jim Rogers has been warning for years that federal, state and local governments have been wasting way too much of the taxpayers’ money. The result: massive deficits at all levels of government, especially California, and pleas by government to raise taxes even higher — especially in Taxifornia.

In an interview last Friday, Rogers came out with the only feasible solution: “Take a chain saw to spendng in the United States,” he advised. “We’re not in charge of our destiny, we’re the largest debtor nation in the world.”

Debt and deficits mean others control one’s financial destiny. California voters, amazingly, have approved $109 billion in state bond debt, of which $72 billion already has been taken out, according to state Treasurer Bill Lockyer.

The bonds costs the state treasury $5.5 billion in Gov. Jerry Brown’s May Revise to his 2010-11 budget proposal (page 101).

Put another way, without that debt payment of $5.5 billion; and without Brown’s call in the May Revise for an additional $3 billion in spending, there would be no need for the $9 billion in tax increases he called for. (Another $500 million might have to be cut, to round out the figures.)

Jim Rogers is right: Take a chain saw to the spending. We can’t afford anything else.

Bbzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

.

June 13, 2011

Tags: , , , ,

Comments(0)

Know Your Bloggers

Joseph Perkins
Joseph Perkins, now assistant editor of the Orange County Register Opinion Pages, started his career as an editorial writer for the Wall Street Journal. After serving on the White House Staff of former Vice President Dan Quayle he wrote for the San Diego Union-Tribune where he authored a nationally-syndicated column. Before writing for CalWatchdog.com, Mr. Perkins was also Business Editor for San Diego Magazine.
Chris Reed
Chris Reed is a regular contributor to Cal Watchdog. Reed is an editorial writer for U-T San Diego. Before joining the U-T in July 2005, he was the opinion-page columns editor and wrote the featured weekly Unspin column for The Orange County Register. Reed was on the national board of the Association of Opinion Page Editors from 2003-2005. From 2000 to 2005, Reed made more than 100 appearances as a featured news analyst on Los Angeles-area National Public Radio affiliate KPCC-FM. From 1990 to 1998, Reed was an editor, metro columnist and film critic at the Inland Valley Daily Bulletin in Ontario. Reed has a political science degree from the University of Hawaii (Hilo campus), where he edited the student newspaper, the Vulcan News, his senior year. He is on Twitter: @chrisreed99.
Brian Calle
Brian Calle is Editor-in-Chief of CalWatchdog.com and the Opinion Editor for the Orange County Register. His work has appeared in Bloomberg, Fox News, Forbes, Real Clear Politics, Human Events, Real Clear Markets and City Journal, among other websites and publications. Find him on Twitter: @briancalle
John Seiler
John Seiler has been writing about California for 25 years. That includes 22 years as an editorial writer for the Orange County Register and two years for CalWatchDog.com, where he is managing editor. He attended the University of Michigan and graduated from Hillsdale College. He was a Russian linguist in U.S. Army military intelligence from 1978 to 1982. He was an editor and writer for Phillips Publishing Company from 1983 to 1986. He has written for Policy Review, Chronicles, LewRockwell.com, Flash Report and numerous other publications. His email: writejohnseiler@gmail.com

Blog Archive

Archive By Categories
  • California economy
  • Corruption
  • Demographics
  • Education
  • Fracking
  • Health Care
  • Income inequality
  • Infrastructure
  • Inside Government
  • Law enforcement
  • Media
  • Obamacare
  • Obamacare implementation
  • Pension Reform
  • Politics and Elections
  • Regulations
  • Rights and Liberties
  • Seen at the Capitol
  • Taxes
  • Technology
  • Thought police
  • Waste, Fraud and Abuse