20% WAGE CUT FOR ALL!!!! Auto Sales should SKYROCKET....
Schwarzenegger plans 20% pay cuts
State workers, brace yourselves for another furlough day.
The governor's latest budget proposal assumes almost 20 percent in employee wage cuts: 15 percent from the three-day furloughs that started this month, plus another 5 percent across-the-board whack.
"Three days (furlough) plus the 5 percent," said H.D. Palmer, Department of Finance spokesman when asked Wednesday to clarify the governor's budget proposal.
A while back, Alstry warned that EVERYONE should prepare for a 40% wage cut. For hundreds of thousands of California State Workers...we are just about half way there. With most families only able to save only able to save 10% or less of their income, a 20% cut will be very burdensome.
We have seen State and Local Income tax receipts evaporate....now prepare for similar trends with property taxes.....especially as the foreclosure rate skyrockets due to declining incomes.
The property tax roll in Sacramento County is down 6.4 percent from last year – to $131.6 billion; in Contra Costa County it's down 7 percent; and in Merced County it's down almost 13 percent.
The slide means less revenue for cash-starved cities and counties that rely on property tax proceeds to fund services. But there's an upside: Some homeowners struggling with the recession will see smaller tax bills later this year.
Welcome to what the Institute of Alstrynomics calls Concentric Contraction.....round and round she goes, under current Zombulation policies she really slows!!!!!!!!!!!!!