These are my links for June 2nd from 11:02 to 11:42:
- California State Senate approves bill allowing counties to raise vehicle fees – Individual counties could vote to raise vehicle fees under a bill that earned Senate approval today.
"This gives counties a tool they currently don't have in a time of crisis," said bill author Mark Leno, D-San Francisco.
In 2003, Gov. Arnold Schwarzenegger dropped the rate of what essentially is an annual tax on a vehicle's present value. The rate change from 2 percent to 0.65 percent took away a chunk of revenues counties relied on to pay for public safety and social services. A temporary increase to 1.15 percent went into effect in May 2009 and expires at the end of this month. Gov. Jerry Brown's budget plan calls for moving the expiration to 2016.
The proposal that passed the Senate by a 23-15 vote today allows a county board of supervisors, with a two-thirds vote, to authorize a vote for higher fees on county residents. If a majority of county voters signs off on the plan, their vehicle fee effectively would return to the original 2 percent rate.
Leno introduced the same bill last year, but it did not clear the Assembly floor.
Automobile manufacturers and dealers are opposed to attaching fees to vehicles, saying there's already a long list of hidden government costs.
None of the Republicans present voted for Leno's bill.
"This is another example of the insatiable appetite we have for raising taxes around this building," Sen. Bob Huff, R-Diamond Bar, said on the Senate floor.
Senate Bill 223 is one of several measures moving through the Legislature with a goal of giving local officials a chance to collect more revenues. The most high-profile proposal has been Senate Bill 653 by Sen. President Pro Tem Darrell Steinberg.
A tax is a tax to Californians – either from the state or the county.
- Job Data May Be Key to Obama’s Job – No American president since Franklin Delano Roosevelt has won a second term in office when the unemployment rate on Election Day topped 7.2 percent.
Seventeen months before the next election, it is increasingly clear that President Obama must defy that trend to keep his job.
Roughly 9 percent of Americans who want to go to work cannot find an employer. Companies are firing fewer people, but hiring remains anemic. And the vast majority of economic forecasters, including the president’s own advisers, predict only modest progress by November 2012.
The latest job numbers, due Friday, are expected to provide new cause for concern. Other indicators suggest the pace of growth is flagging. Weak manufacturing data, a gloomy reading on jobs in advance of Friday’s report and a drop in auto sales led the markets to their worst close since August, and those declines carried over into Asia Thursday.
Read it all
It is all about the economy going into the Presidential race of 2012.
- Why Barack Obama may be heading for electoral disaster in 2012 – To say this has been an extremely bad week for the Obama administration on the economic front would be a serious understatement. As The Wall Street Journal reported on Wednesday, home prices in the United States have sunk to their lowest levels since 2002, falling 4.2 percent in the first quarter of 2011. At the same time, employment growth is stalling, with only 38,000 Americans added to the workforce in May, the smallest increase since September. This compares with 179,000 jobs added in April. There has also been a steep slowdown in the manufacturing sector, and a downturn in the stock market on the back of weak economic news.
Bill Clinton’s labour secretary Robert Reich summed up the grim mood in a hard-hitting op-ed in The Financial Times, which took aim at both the administration and Congress:
The US economy was supposed to be in bloom by late spring, but it is hardly growing at all. Expectations for second-quarter growth are not much better than the measly 1.8 per cent annualised rate of the first quarter. That is not nearly fast enough to reduce America’s ferociously high level of unemployment… Meanwhile, housing prices continue to fall. They are now 33 per cent below their 2006 peak. That is a bigger drop than recorded in the Great Depression. Homes are the largest single asset of the American middle class, so as housing prices drop many Americans feel poorer. All of this is contributing to a general gloominess. Not surprisingly, consumer confidence is also down.
Read it all