POLL: Which is worse off financially: The CA State Govt or the US Fed Govt? (Montclair: insurance, employment)

[18Montclair]

California has long been singled out for its annual budget deadlock and IOUs etc, but Im not sure that we are really worse off than the nation as a whole.

What do you think, and why?

[Gentoo]

Well, California is paying unemployment benefits by borrowing the money from the US gov. and they're likely borrowing from China.

[yeahthatguy]

They are both equally screwed.. IMO the federal govt. is screwed for following idiotic policies just like California... A lack of focus on what's important. Continually spending more than what you take in.. Lavish expenditures on non-essentials.. A lack of tackling the real issues facing the country/state respectively... A populous w/ their heads up their behinds... And a belief that you can keep spending spending spending.. borrowing borrowing borrowing.. taxing taxing taxing.. w/ no consequence.

From what I can tell, California gets by via selling the broader country junk that is manuf. 1/2 way across the world and an idiotic popular culture manuf. in hollywood... cementing the general U.S culture of waste/idiocy/destruction. New york gets by via totally leeching off the country via financial services and most other states are just there following these two leaders of the nation.

Both such trends are what lend to our current downfall and are what are preventing us from coming out of it...

As goes California, so goes the nation... That's the saying right?

Both are currently broke, running deficits, and have h00ns trying to solve the issue of a balanced budget... w/ an idiotic populous nowhere to be found on the issue (Some smut from hollywood is on t.v)... Two peas in a pot if you ask me.

[TVC15]

California is still sinking!

In May, The largest over-the-month decrease in employment occurred in California (-29,200).

Regional and State Employment and Unemployment Summary

Easier to read PDF format

http://www.bls.gov/news.release/pdf/laus.pdf

[18Montclair]

Originally Posted by TVC15

California is still sinking!

In May, The largest over-the-month decrease in employment occurred in California (-29,200).

Regional and State Employment and Unemployment Summary

Easier to read PDF format

http://www.bls.gov/news.release/pdf/laus.pdf

This thread is about government fiscal solvency, not the economy as a whole or jobs or anything like that. Just public finance.

So is the State of CAs govt more or less fiscally than the Fed?

That's the question.

[Hemlock140]

California is worse off, for one reason: Unlike the U.S. government, California cannot print money.

[18Montclair]

Originally Posted by yeahthatguy

They are both equally screwed.. IMO the federal govt. is screwed for following idiotic policies just like California... A lack of focus on what's important.

Like what?

And a belief that you can keep spending spending spending.. borrowing borrowing borrowing.. taxing taxing taxing.. w/ no consequence.

Is income tax at state level really that intrusive? I tend to think not.

From what I can tell, California gets by via selling the broader country junk that is manuf. 1/2 way across the world and an idiotic popular culture manuf. in hollywood... cementing the general U.S culture of waste/idiocy/destruction. New york gets by via totally leeching off the country via financial services and most other states are just there following these two leaders of the nation.

Both such trends are what lend to our current downfall and are what are preventing us from coming out of it...

As goes California, so goes the nation... That's the saying right?

Both are currently broke, running deficits, and have h00ns trying to solve the issue of a balanced budget... w/ an idiotic populous nowhere to be found on the issue (Some smut from hollywood is on t.v)... Two peas in a pot if you ask me.

That's probably closest to the correct answer I suppose.

Two sinking ships, one with a bigger hole than the other, but both in perilous circumstances.

[18Montclair]

Originally Posted by bisjoe

California is worse off, for one reason: Unlike the U.S. government, California cannot print money.

But then why isnt the fed printing money fast and furious to close their $14 Trillion Debt?

[TVC15]

Originally Posted by 18Montclair

This thread is about government fiscal solvency, not the economy as a whole or jobs or anything like that. Just public finance.

So is the State of CAs govt more or less fiscally than the Fed?

That's the question.

Sorry...I say both are in horrible shape...where do you think the unemployment funds come from to pay for all of those unemployed people?

Unemployment insurance is a federal-state program jointly financed through federal and state employer payroll taxes (federal and state UI taxes).

So does this affect CA or the Fed fiscally? You bet it does!

[Gentoo]

Originally Posted by 18Montclair

But then why isnt the fed printing money fast and furious to close their $14 Trillion Debt?

Printing money can be a dangerous thing. Brazil tried that and inflation went into orbit. Printing more and more money causes it's value to drop.

We really need to create more jobs. The news I watched a couple of days ago said that many companies are doing better and making more money. They're just not spending it hiring new employees.