I appear to have returned from my vacation full of classic rock. Tonight’s selection is Kansas’ Dust in the Wind. Here’s an excerpt:
[Now] Don’t hang on, nothing lasts forever but the earth and sky
It slips away, and all your money won’t another minute buy.Dust in the wind, all we are is dust in the wind
Dust in the wind, everything is dust in the wind.
I chose that particular selection because that’s what California has as a budget: Dust in the wind.
Bill Leonard says that the new budget features a structural deficit of anywhere between $8 and $26 billion. Hmmm, that sounds familiar. It’s another budget filled with one-time fixes and gimmicks. Yes, it’s signed into law and the IOUs will vanish…but only temporarily. There’s no chance that revenues for the remainder of 2009 will meet projections, and the legislators in Sacramento will have to be called back for the third time in 2009 to fix the budget.
What must be done is simple: Cut, cut, cut. Like it or not, expenses will need to be pared to match revenues. If you think Californians are for tax increases in the middle of a recession, I’ve got a bridge (actually, several) to sell you.
Here’s a link to listen to Kansas performing Dust in the Wind.