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Old 10-23-2010, 03:01 PM
 
5,113 posts, read 5,254,228 times
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The 2010-11 Budget: California's Fiscal Outlook
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Old 10-23-2010, 03:49 PM
 
941 posts, read 1,168,818 times
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Quote:
Originally Posted by Don9 View Post
Good paying job? In SoCal you can make $150K annually and still live with little to show for it. The SoCal cheap old cracker box houses in bad neighborhoods cost over $300K and the decent homes are $800 and up ... way up! A person making $150K can only afford a home 3X annual salary so that's $450K. So saying you have a good paying job is relative and hopefully means you are making well over 250K.
It all depends. First of all, I bought my house more than ten years ago, before the bubble, when it was much cheaper. Second, a few years ago I cashed out some stock options and paid off the mortgage entirely, so now I own my house free and clear.

So I have a good paying job, with decent job security, and no housing worries.
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Old 10-23-2010, 03:55 PM
 
Location: Yucaipa, California
9,866 posts, read 19,700,023 times
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Originally Posted by bulldogdad View Post
As far as I'm concerned I hope this crap stays this way until it breaks this state. Then maybe we can change a few things.
Ca will never go bankrupt.
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Old 10-23-2010, 03:57 PM
 
Location: SoCal
14,531 posts, read 16,950,187 times
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Quote:
Originally Posted by bulldogdad View Post
As far as I'm concerned I hope this crap stays this way until it breaks this state. Then maybe we can change a few things.
Quote:
Originally Posted by Roaddog View Post
I agree
I don't agree that I hope things stay the same until it breaks, but expect that really breaking is the only thing that will lead to fixing the state. I also expect it may take several years to get to that point. That's why I'm planning to move out of state soon, because I don't want to spend my next several years in misery.
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Old 10-23-2010, 04:00 PM
 
Location: Piedmont, CA
34,139 posts, read 58,694,837 times
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Quote:
Originally Posted by steel7 View Post
Ca will never go bankrupt.
Not even close.

That is overblown media hype that all the little pissy out-of-staters are playing up and spreading like a hot potato.

The fact is, California has met all of its bond payment obligations on time, there isnt even the remotest chance that the state will go into default.

And when the economy roars back, the haters will have to crawl back into their little holes in the ground and sulk.
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Old 10-23-2010, 04:03 PM
 
Location: State of Jefferson coast
963 posts, read 2,746,499 times
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Quote:
Originally Posted by UB50 View Post
I guess people have to look at their own situations. That article is a HUGE generalization about a state with nearly 40 million people and several distinct districts.
It also suggests that these problems are somehow endemic to California and could be escaped by moving to another state. Nope. By my count, 13 of the stated reasons are equally problematic in Oregon -- or nearly so. You can't outrun the 21st century and its associated global economic crisis.
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Old 10-23-2010, 04:04 PM
 
Location: Columbia, California
6,664 posts, read 27,888,182 times
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Quote:
Originally Posted by majoun View Post
Interesting that the number is "19", considering if California voters stupidly vote to reject Prop 19, they will have proved themselves even stupider than I thought they were.,,,,.
ha ha, pot humor!
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Old 10-23-2010, 04:06 PM
 
28,673 posts, read 31,290,118 times
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Quote:
Originally Posted by las vegas drunk View Post
Please don't shoot the messenger. I also post equally negative articles regarding Las Vegas and Phoenix. I personally love San Diego and consider it paradise (if I could afford it).

California Is Broke – 19 Reasons Why It May Be Time For Everyone To Leave The State Of California For Good

As bad as some of those stats are, some were blown out of proportion and/or misleading. But in general, California is not headed in a positive direction.
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Old 10-23-2010, 04:12 PM
 
28,673 posts, read 31,290,118 times
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Quote:
Originally Posted by majoun View Post
In fairness, as bad as California's debt-to-GDP ratio is, California's debt to GDP ratio isn't as bad as that of the US federal government.
It's also true that California's debt to Gross State Product is also lower than several other states (like MA, NJ, & CT).

But honestly, I think we're all going to h*ll in a handbasket together, not just the US, but the whole Western World. The rate of speed varies, but the direction is the same. Too many promises have been made by the politicians of yesteryear. The citizens expect their governments to do more than is realistic. Entire political systems are bought and paid for by a small, moneyed, elite. And ordinary citizens are kept divided and fighting with each other over which moneyed elite faction is looking out for them, when the truth is it's, "none of the above".
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Old 10-23-2010, 04:14 PM
 
5,113 posts, read 5,254,228 times
Reputation: 1741
Quote:
Originally Posted by 18Montclair View Post
Not even close.

That is overblown media hype that all the little pissy out-of-staters are playing up and spreading like a hot potato.

The fact is, California has met all of its bond payment obligations on time, there isnt even the remotest chance that the state will go into default.

And when the economy roars back, the haters will have to crawl back into their little holes in the ground and sulk.
What planet do you live on?

From Wikipedia:
California levies a 9.3 percent maximum variable rate income tax, with six tax brackets, collecting about $40 billion per year (representing approximately 51% of General Fund revenue and 40% of tax revenue overall in FY2007). California has a state sales tax of 8.25%, which can total up to 10.75% with local sales tax included. All real property is taxable annually, the tax based on the property's fair market value at the time of purchase or completion of new construction. Property tax increases are capped at 2% per year (see Proposition 13).
However, California is facing a $26.3 billion budget deficit for the 2009–2010 budget year. While the legislative bodies appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the late 2008 decline in the economy and the credit crisis the problem became urgent in November 2008.
One potential problem is that a substantial portion of the state's income comes from income taxes on a small proportion of wealthy citizens. For example, it is estimated that in 2004 the richest 3% of state taxpayers (those with tax returns showing over 200K USD yearly income) paid approximately 60% of state income taxes. MOD CUT

California just passed the 2010-2011 budget, it was only 100 days late.

Last edited by NewToCA; 10-23-2010 at 04:35 PM.. Reason: copyright
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