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California has had budget problems for years and needs financing wh9ich causes the short fall. It isn't Arnold because they had been raising feees to raise money for years and that caused the last governor to lose office. Its the sate congressional officals who have caused most of the problem.
I dunno. I think California depends on the U.S. to make California what California is. I think my hand is great. If I cut off my hand, it's not so great now.
Well, sure, not really advocating that California withdraw, or Civil War, or any of the rest caveats that would need to be addressed on a nutzcase board, but sort of figured that would go without saying around here.
My sort of point is that it is not California's internal welfare, or however they choose to spend their money that is their largest drain or loss. It is the rest of US freeloading them.
Education, public health, taking care of kids does not cost -- at least in an overall negative way. It is the areas the US where there is not decent education, public health, and/or fails to take care of the kids that have become the drain that California is now obliged to support.
If you hit that State-by-State link it looks like California is being drained of over $40 billion a year by the rest of US. And then hit some the random "Red" states. Mostly a huge pack of Federal Money bums.
Personally I am leaving CA once i get out of school and going to Texas. At least the unemployment is not skyrocketing over there, the taxes are low, and land is cheap.
The living's pretty good down here in north Texas. The weather isn't Cali-spec, but a good part of the year it feels great to be outside. Gets chilly December to March and a little warm July and August (personally I LUV the hot months). Taxes are low -- no income and 8.25% sales tax (some places are lower). Property taxes are high though -- about 2.5% to 3.2%. Houses are low. You can pick up a 2600 square foot brand new home for $120K. Unemployment is relatively low. Texas is solvent so far. My only complaints would be that there aren't many good roads, and it's starting to get a little crowded. I would suggest DFW, Austin, or San Antonio.
Texas is solvent so far. My only complaints would be that there aren't many good roads, and it's starting to get a little crowded. I would suggest DFW, Austin, or San Antonio.
Look for a switch on that, soon.
The energy sector (which has kept Texas buoyed up) is starting to break and collapse.
Watched some millions disappear off our desks this week alone, with more expected ahead.
Barnett Shale and Chesapeake are heading South, as well as the Oil folks.
Look for KillCo, Inc -- nickname for the MIC / "Defense" Contractors -- the other hot Texas industry -- to hit the skids shortly, as well.
When this hits, it will likely all hit hard.
Were you are during the 1986 - 1988 Energy Collapse?
Sample Barnett Shale stories from the Startle Gram
==========================
October 17, 2008
Lease slowdown hits home
Some of the biggest producers and most active leasing companies in the Barnett Shale brought their leasing activities to a screeching halt this week, disappointing unsigned property owners and perhaps changing the market price of signing bonuses in the play for good. Among the disappointed landowners is Rorie Cowden, whose Hidden Valley miniature golf course on 5.5 acres bordering Jacksboro Highway is part of a Lake Worth negotiating group that signed the richest reported lease in the county: a $30,000-an-acre offer from Chesapeake.
"I was waiting for them to send me my lease packet," Cowden said Thursday, but he got nervous when he heard producers were cutting back. When he walked into the Vance Godbey’s restaurant, where signings were under way, he was told that the new bonus figure was $5,000. The difference: $137,500. "I did not sign," he said. "I never thought it would hit like this. The bubble has burst."
See the Star-Telegram's full report here.
-- Jim Fuquay
Shale.TV, Chesapeake Energy’s ambitious plan for an online news channel devoted to the natural gas business, is the latest victim of the sharp drop in energy prices and economic uncertainty. Chesapeake announced Monday “a decision to halt the development of Shale.TV” so that the company can “focus our time and resources on exploration and production activities.” Just last week the company had said the effort, announced in July and already delayed from a planned September start, would go online by the end of October. Shale.TV had hired longtime local news anchor Tracy Rowlett and former ABC-TV news producer Olive Talley to direct the project. The company has never disclosed what it planned to spend on Shale.TV, which planned a studio in the company’s local headquarters office in Chesapeake Plaza, formerly the Pier 1 Imports building on the western edge of downtown Fort Worth.
Chesapeake last week said it was scaling back its leasing efforts in the Barnett Shale in response to lower natural gas prices, which have fallen more than 50 percent since their peak in early July. The Oklahoma City-based company, along with many other gas producers, also previously announced cuts in its drilling budget. On Friday, Chairman Aubrey McClendon was forced to sell most of his shares in the company to margin calls, which are lenders’ demands that he repay loans he took out to buy company stock. McClendon had purchased more than $200 million worth of Chesapeake stock this year.
Just about had it with this government, they collect so much in taxes...where is all that money going? uh? The state has one of the highest personal income tax rates in the entire United States and add to that all the taxes they collect from businesses and Real Estate and something really doesn't add up here.
and I haven't seen a single thing done in the past 10 years to improve the traffic congestion here in LA despite tax revenues breaking records with the Real Estate boom...
You are right, it IS one of the states with the HIGHEST state income tax as well as expensive real estate. This is where Hollywood and many actors/singers/etc. reside and EVEN then they still don't have enough money. Highest taxes with where some of the highest income resides... THINK ABOUT IT... I have been talking about the uber-wealthy for a LONG LONG TIME (and by uber-wealthy, I MEAN people who make more than 1 M per year)... they have been cheating on their taxes for a LONG time with loopholes... the wealthy is really the one who bears mostly ALL the taxes (those making 100k-1M) and they cannot use any loophole... so when people say "raise taxes" it doesn't affect the uber-wealthy... so the net revenue is low because the uber-wealthy have escaped paying their taxes... The only thing I hear from Dems is "raise taxes" and the only thing I hear from Repubs is "lower taxes"... neither side are saying CLOSE THE LOOPHOLES... so who are they working for? The uber-wealthy... not you...
Actually, a lot of the celebs declare residency in other states, while maintaining a home in CA. New Mexico, Idaho, Wyoming, Colorado, Texas, Florida, Tennessee, etc., are full of movie star and singer compounds. A lot of stars pay no CA taxes. They can buy and maintain homes elsewhere for what they save in CA taxes, then enjoy all CA has to offer without paying directly for it. Not illegal, not a loophole, just savvy tax planning by people who can afford good counsel. Unfortunately, the middle class can't really afford that out.
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