John Chiang: California’s Tough-Guy Controller

john_chiangNot only is the US and world economy in the crapper, but the state of California is in a real financial mess. California State Controller John Chiang has taken on Governator Arnold Schwarzenegger before, but now Chiang has a lot of tough decisions to make with the current fiscal crises going on:

“The 46-year-old Mr. Chiang (pronounced CHUNG), a Democrat elected in 2006 to a four-year term, oversees the state’s nearly depleted reserves, which need an infusion of money through a revamped budget. Gov. Schwarzenegger and state legislators have missed a self-imposed Feb. 1 deadline to balance the budget, which is expected to have a $42 billion shortfall by mid-2010. … Mr. Chiang’s profile has risen as lawmakers haggle. Last week he delayed, for 30 days, more than $3 billion in tax refunds, welfare checks and other payments to keep the state from running out of cash this month.”

The state legislature and  Governor helped create California’s budget crises by signing in the state budget 85 days late in October, putting the state $15 billion in the red; tax revenue shortfalls surely helped contribute to the rest of the projected $42+ billion in debt. Hopefully, Chiang can manage through this financial crisis for all of Californians’ sake.

Thanks for rating this! Now tell the world how you feel - .
How does this post make you feel?
  • Excited
  • Fascinated
  • Amused
  • Disgusted
  • Sad
  • Angry

About John

I'm a Taiwanese-American and was born & raised in Western Massachusetts, went to college in upstate New York, worked in Connecticut, went to grad school in North Carolina and then moved out to the Bay Area in 1999 and have been living here ever since - love the weather and almost everything about the area (except the high cost of housing...)
This entry was posted in Current Events, Politics. Bookmark the permalink.