THE PEOPLE'S REPUBLIC OF CALIFORNIA - This site is dedicated to exposing the continuing Marxist Revolution in California and the all around massive stupidity of Socialists, Luddites, Communists, Fellow Travelers and of Liberalism in all of its ugly forms.

"It was a splendid population - for all the slow, sleepy, sluggish-brained sloths stayed at home - you never find that sort of people among pioneers - you cannot build pioneers out of that sort of material. It was that population that gave to California a name for getting up astounding enterprises and rushing them through with a magnificent dash and daring and a recklessness of cost or consequences, which she bears unto this day - and when she projects a new surprise the grave world smiles as usual and says, "Well, that is California all over."

- - - - Mark Twain (Roughing It)

Saturday, November 24, 2012

California's Cap and Tax will drive out Businesses

The Massive Socialist Cap and Tax drains millions out of business to fund unions and welfare
  • Leftist use greenhouse gasses as the excuse for the Marxist re-distribution of the wealth.
  • If these gasses were the issue they could simply be banned, but it is all about money, not gas.
  • No new business in their right mind would deliberately locate inside California. 

Socialist "environmental" leaders this week hailed California's first cap-and-trade auction a success . . . . with millions of dollars re-distributed from the job creators Marxist style to those with wants and needs.

Comrade Governor Jerry Brown and Leftist state lawmakers assumed three auctions this fiscal year would generate $1 billion total for the state, half of which they want to plug the state budget deficit. But most of the $289 million raised this month is dedicated for utilities that were also major campaign donors. That will leave about $55.8 million for state programs.

A low auction price for 2013 credits and low demand for future credits suggest that California will fall well short of its $1 billion projection this year. The nonpartisan Legislative Analyst's Office estimates that if trends hold in the February and May auctions, the state may only raise about $140 million in the first year.

Even if the state took all of that for the budget it would still miss its budget projection by $360 million. The LAO previously questioned whether the state could legally use $500 million in cap-and-trade auction money for the budget.

"The likelihood of there being a hole in the budget has increased," said Tiffany Roberts, an LAO analyst who focuses on climate change issues. "Not only do we question the viability of using the $500 million, but if these assumptions hold, it's unlikely there's even going to be $500 million."

(Sacramento Bee)

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