FORA.tv

Fuel the Enlightenment

Gov. Arnold Schwarzenegger on California's Budget Crisis

Commonwealth Club
Rate It
74,821 Views
  • Info
  • Bio
  • Full Program
  • Highlights
  • Transcript
  • Download
  • More
Ool Avatar
Ool
Posts: 1
Posted: 05.22.09, 02:52 PM
I’m not sure this whole rainy day fund idea will work.

After all, the Democrats had accumulated a surplus for the entire nation a decade ago, and it took the following administration just a few years to squander it all on tax cuts for the rich and other foolish endeavors.

So introducing budged-balancing measures alone might sound good but be psychologically unfeasible in the long run…
Permalink
phiscal Avatar
phiscal
Posts: 40
Posted: 06.04.09, 03:41 PM
Ool,
I agree, I don't think the rainy day fund at the government level will work. Government will break through any barriers and loot any balance in the rainy day funds. Look at the Social Security and Medicare trust funds. There is no money in them.

Oh hey, just a reminder on the Clinton budget surpluses. He couldn't/wouldn't have done it without Newt. Personally I think both parties are poor financial managers.
Permalink
tsmitheugene503 Avatar
tsmitheugene503
Posts: 23
Posted: 07.02.09, 12:14 PM
What was up with those two people who crashed the conference, that was the most entertaining part I agree with @phiscal, you nailed it on the head, "it took the following administration just a few years to squander it all on tax cuts for the rich and other foolish endeavors." Exactly. The rainy day fund will not work because they don't know how to properly handle their finances.
Permalink
Vasil Avatar
Vasil
Posts: 46
Posted: 07.02.09, 01:36 PM
We might be skeptical on whether the rainy fund will work, but let's also give a credit to Gov. Schwarzenegger for trying to balance out both Republican and Democrat interests. He is right that in order to subsequently fix the budget legislator need to both cut spending and increase taxes. Federal government is already spending a lot and the rainy fund idea on the state level is not such a bad one.
Permalink
Please log in or register to post a comment.
Advertisement

Related Programs

Bruce Kogut: Resetting Corporate Governance Bruce Kogut: Resetting Corporate Governance
00:06:43 min | 1,196 Views
Nassim Taleb and Daniel Kahneman: Reflection on a Crisis Nassim Taleb and Daniel Kahneman: Reflection on a Crisis
00:59:08 min | 65,919 Views
Van Jones: The Green New Deal Van Jones: The Green New Deal
01:02:35 min | 36,849 Views
The Culture that Spawned the Crisis: A Closer Look The Culture that Spawned the Crisis: A Closer Look
01:27:19 min | 11,615 Views
Thomas Friedman's Obama Administration Update Thomas Friedman's Obama Administration Update
01:04:03 min | 54,420 Views

Browse Programs by Tag

Arts Books Climate Change Computing Conflict Credit Crunch Defense Democratization Economic Policy Education Election 2008 Emerging Markets Energy Entertainment Entrepreneurship Environment Film Food Globalization Health & Wellness Healthcare History Internet Investing Law Medicine Music Muslim World Natural Sciences New Media Personal Technology Philanthropy Religion Social Issues Social Sciences Sustainability Terrorism The Bailout U.S. Foreign Policy White House 2009

Advertisement