CA budget woes. (how much, house, vouchers)

[Pyramidsurf]

Originally Posted by Newfangle9

Sorry, it isn't possible to have a surplus when the state has 1.3 trillion in total debt.

https://californiapolicycenter.org/c...-1-3-trillion/

Well everyone who harps about how great California's budget is doing always tends to leave out their debts and unfunded liabilities.


Just wait until Newsome and the Dem super majority gets their hands on this money.

[NewbieHere]

Originally Posted by Mr5150

Yeah that 12 cent tax was sure noticeable on top of the dollar per gallon price increase forced upon us by the oil companies

Please, stop vilifying these companies, you want it free, move to Venezuela. You can also walk if you don’t like, we do. But the working stiff has to drive to their jobs.

[Tulemutt]

Originally Posted by Pyramidsurf

Well everyone who harps about how great California's budget is doing always tends to leave out their debts and unfunded liabilities.


Just wait until Newsome and the Dem super majority gets their hands on this money.

... I’ll repeat:

It certainly is possible [to have both debt and surplus], and factual. Many (if not most) relatively new home buyers have mortgages far in excess of savings and investments. Their mortgage is a long term debt granted based on credit and earnings outlook. California’s earnings and potential to continue as one of the world’s leading economies are the basis on which its credit/debt is granted.

BIG NUMBERS are still relatve to big revenue.

[BB_210]

Originally Posted by Tulemutt

... I’ll repeat:

The "mortgage" in your analogy is massive pension debt burden on CA residents.

[Pyramidsurf]

Originally Posted by Tulemutt

... I’ll repeat:

Except the "mortgage" in your example will be a huge burden on the tax payers. And the debts can't be paid unless more taxes are collected. A huge mortgage means that the home buyer will have to continually make a lot of money for the entire time they live in the house.



Just look at all the 1% sales tax fees towns are starting to pass in order to pay pensions. 9% sales tax sure sounds like a bargain on top of high income and property taxes.

[Tulemutt]

Originally Posted by max210

The "mortgage" in your analogy is massive pension debt burden on CA residents.

Yes. So? Doesn’t change the truth of what I wrote ... nor is that debt out of line with what every state in the union does.

Furthermore, among all 50 states, California’s ratio of unfunded to funded liabilities is exactly in the middle of the pack.

Double furthermore: California’s revenue, and potential to continue its revenue, is unparalleled by any other state. Not even close.

Am I suggesting that our pension excesses are an okay thing? No. But they’re also not the disaster so many portray them as. We are in a better position to correct and pay than any other state, based on our leading economy.

Thus the finger-wagging about the surplus being “fake surplus” is ... horse pucky.

[Tulemutt]

Originally Posted by Pyramidsurf

Except the "mortgage" in your example will be a huge burden on the tax payers. And the debts can't be paid unless more taxes are collected. A huge mortgage means that the home buyer will have to continually make a lot of money for the entire time they live in the house.



Just look at all the 1% sales tax fees towns are starting to pass in order to pay pensions. 9% sales tax sure sounds like a bargain on top of high income and property taxes.

Read previous post above.

[NewbieHere]

It’s certainly not rosy as it made out to be. Live a savings of $13.4 billion and $1.3 trillion in debt. One downturn and it’s going to pots.

[Tulemutt]

Originally Posted by NewbieHere

It’s certainly not rosy as it made out to be. Live a savings of $13.4 billion and $1.3 trillion in debt. One downturn and it’s going to pots.

Read 2 posts above.

Debt is only meaningful in relation to income ... and potential to continue to earn.

[BB_210]

Originally Posted by Tulemutt

Yes. So? Doesn’t change the truth of what I wrote ... nor is that debt out of line with what every state in the union does.

Furthermore, among all 50 states, California’s ratio of unfunded to funded liabilities is exactly in the middle of the pack.

Double furthermore: California’s revenue, and potential to continue its revenue, is unparalleled by any other state. Not even close.

Am I suggesting that our pension excesses are an okay thing? No. But they’re also not the disaster so many portray them as. We are in a better position to correct and pay than any other state, based on our leading economy.

Thus the finger-wagging about the surplus being “fake surplus” is ... horse pucky.

The pay and benefits for government workers are out of line with private industry. They over promised and passed the burden to us. Simple as that.

There's only one reason I can think of why someone would make excuses for this behavior.