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Year after year the California legislature and governor have been late agreeing on a budget, to the point where state government even issued IOU's instead of checks for a brief period one year. I never heard of Texas having to resort to such an extreme measure.
Right, this has to do with the California constitution requiring a 2/3 vote to pass a budget, Texas has no such requirement. But did you vote last November? This issue was on the ballet, Californians voted to end the 2/3 require to pass a budget.
Quote:
Originally Posted by Escort Rider
They have played kick the can down the road so many times as the crisis gets more and more serious.
How so? They have already made big spending cuts and raised taxes, on the other hand Texas hasn't done much at all. They just passed a 2 year budget and pretended as if they weren't in the middle of a recession. Now they have a pile of debt and need to make very big cuts.
Quote:
Originally Posted by Escort Rider
As you point out, there have been some heavy blows against the revenue stream (dot-com bubble, housing bubble, Enron), but a responsible state government would have dealt with those problems.
Those problems weren't predictable so how exactly should they have dealt with them? The one thing that would help is "off limits" because the voters won't allow it, namely repealing Prop 13. The Texas system on the other hand is less volatile, it relies more on property taxes and gross profit taxes on businesses.
Texas isn't really that different than California. Texas does some things right and California does others right, in both cases its hard to change the current system.
Now you are willing to admit the frailties of conservative Republicans/Democrats in Texas. They aren't so fiscally conservative.
Quote:
Originally Posted by texdav
Basically texas has had a balnaced budget. Now they like many states are facing a shortfall. I see no plan to borrow like so many states have done for years tho.When you find you casn get fiancing as california did thsi year its even worse really.
Those "liberal" states have different issues. The nation is not monolithic or homogeneous: each state is different and has its own unique problems that have nothing to do with political parties. Let's be real.
Quote:
Originally Posted by las vegas drunk
Texas is not in good shape, but the fact remains that the 5 states in the worst shape are all liberal:
"The five states in the worst financial condition--Illinois, New York, Connecticut, California and New Jersey--are all among the bluest of blue states."
Bluest states also most in debt, highly unionized and solidly Democrat (But that's all coincidental, right?) | Mark Tapscott | Beltway Confidential | Washington Examiner (http://washingtonexaminer.com/blogs/beltway-confidential/bluest-states-also-most-debt-highly-unionized-and-solidly-democrat-that039#ixzz1BWX5hj2G - broken link)
Edit: Someone is going to bring up this is a year old article. Regardless, I can say for a fact that Illinois, California and New Jersey are still at the top of the list today.
The main issue is that Texas does it budget every 2 years, so they were able to pretend as if things weren't so bad over the last 2 years, now they have to eat a reality sandwich.
Its going to be funny watching Texas try to balance their budgets without raising taxes, I guess they can close the public schools?
Im going to quote this so when you figure out how hugely you're mistaken, you cant go back and edit your post
learn about the Texas budget. Its not like the Kalipornio budget
Or screaming and yelling that gay marriage is "sinful" and "destructive to society" is another way to "balance the budget" even though gay marriage is proven to accrue cash flow.
Quote:
Originally Posted by shaker281
Ignoring societal ills is one way to balance the budget.
And to say it again, Texas has around $35 billion in outstanding debt. If the state wasn't over spending how exactly did it get that deep in the hole?
That's funny. You dig up a link from May 2010 which is commentary from a talk show and present it as news?
Most of what i read is the top financial blogs. Have mostly ignored the mainstream news media. In fact i seek out views contrary to my own. It makes me think a bit.
Please enjoy Cali. It thoroughly fits your personality.
That's funny. You dig up a link from May 2010 which is commentary from a talk show and present it as news?
I just posted the first thing I saw, you can find many other articles.
Quote:
Originally Posted by pjoseph2
Most of what i read is the top financial blogs. Have mostly ignored the mainstream news media. In fact i seek out views contrary to my own. It makes me think a bit.
Except when it comes to Texas, the only people that have been praising Texas are conservatives, if you look deeper you see many criticisms. Since you for some reason prefer blogs, here is a blog that discusses current and past budget issues:
This crisis has hit all areas of life as we know it.
The debt is trickling through the system.
No state has escaped the crisis; some states are faring better than others.
If Texas suceeds in trimming the budget without adding taxes then I would say that Texas IS fiscally responsible.
If we can do it without borrowing or issuing monopoly money (IOU's) wouldn't that be a good thing ?
Don't you adjust your annual budget if your income changes ?
Please enjoy Cali. It thoroughly fits your personality.
Although your remark above was not directed at me, I do not hesitate to answer it because I (as a long-time resident of California) have gone on record in this thread as being highly critical of California's track record in budgetary matters.
If the above shows the level of your argumentation, then it also shows the poverty of your thinking. It reveals more about you than about the poster to whom it was directed. It's odd that I am unable to come to any conclusion about the personality of that poster, with whom I have disagreed in this thread. I know that Texans in general cannot be judged by you, to their credit.
Although your remark above was not directed at me, I do not hesitate to answer it because I (as a long-time resident of California) have gone on record in this thread as being highly critical of California's track record in budgetary matters.
If the above shows the level of your argumentation, then it also shows the poverty of your thinking. It reveals more about you than about the poster to whom it was directed. It's odd that I am unable to come to any conclusion about the personality of that poster, with whom I have disagreed in this thread. I know that Texans in general cannot be judged by you, to their credit.
Need to spread the rep around a bit before I can give it to you again.
That was an excellent reply and I give you kudo's for that.
Let's not let this Business, Finance & Investing forum sink to what the political forum has become.
Each is allowed their opinion. Optimism/pessimism and related debates can serve to open ones eyes sometimes and look at the other side.
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