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Old 04-06-2013, 10:05 PM
 
686 posts, read 1,013,642 times
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Does California still have access to lines of credit?

I can lend Sacramento like $20 if it needs it.
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Old 04-06-2013, 10:08 PM
 
686 posts, read 1,013,642 times
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Originally Posted by 18Montclair View Post
Thats breadcrumbs compared to the US govt which is what?15, 16, 17 trillion dollars in the hole.

California might as well be China.
Parts of it are, parts are Mexico too.
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Old 04-07-2013, 12:07 AM
 
Location: On the water.
17,625 posts, read 10,114,676 times
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Quote:
Originally Posted by Ghostly1 View Post
Just for clarification purposes, that statistic pertains to state employees only. It does not include county and municipal employees so they could have much higher ratios.
Quote:
But what about all the local government employees? Even adding those to the mix, California still has a comparatively small workforce, according to the employment and population numbers from 2008. The report concluded: When state and local government employees (including education) are added together, California has the fourth lowest ratio of employees to population.
Is Whitman right about a bloated state government? | California Watch
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Old 04-07-2013, 12:11 AM
 
Location: On the water.
17,625 posts, read 10,114,676 times
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Originally Posted by Fargobound View Post
Care to explain why Stockton did not have enough income rolling in to cover it's pension obligations?
Loss of tax revenue from the effects of the housing bubble crash. The topic is well covered and detailed information readily accessible on the internet. Look it up. Get yourself educated. Or doesn't that fit your reason for asking?

And in case you weren't aware, Stockton is not the state of California.
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Old 04-07-2013, 01:13 AM
 
5,870 posts, read 11,549,914 times
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Quote:
Originally Posted by ukiyo-e View Post
I'm basically in agreement, but will point out that agriculture only contributes 2% to California's GDP (Google it; there are lots of sources for this figure), and when I worked in the UC system up until 2010, there was a major brain drain going on because the budget cuts were so deep that departments were unable to fill faculty positions and support research, so highly-regarded faculty were leaving for other systems. My own supervisor left for an out-of-state university that gave her a 50% pay raise, a new lab, and free tuition for her children, which UCs don't offer. A friend of mine who teaches at UCSD said they lost some internationally famous cancer researchers to Rice University.

I'm not bashing the state at all, but some people ignore the problems because they don't personally affect them. I still keep up with the goings on in CA and I'm getting the impression the state is pulling out of the worst of the slump - real estate, for example, is recovering, which will help property tax receipts - but some damage HAS been done. My main concern would be the massively underfunded pension system. In WA the system is 95% funded; in CA last I read it was about 2/3, and it's a much larger system. Something like $181 billion out of whack. That money has to come from somewhere.
Oh, absolutely! There are challenges! I just wish that the ones that point out Californias problems come from a more balanced and objective perspective such as yours. I hope more intelligent sounding critiques with specific examples will remind us of the challenges that need to be addressed.
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Old 04-07-2013, 01:20 AM
 
5,870 posts, read 11,549,914 times
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Originally Posted by Fargobound View Post
Care to explain why Stockton did not have enough income rolling in to cover it's pension obligations?
Yes, Stockton is in an undesirable location whose real economy is primarily agricultural on the edge of the San Joaquin delta within the commutable of the expensive to live in Bay Area. Therefore they had a huge housing/real estate boom form subdivisions being built to house those looking for affordable housing. They used that tax money to expand their spending and then went bust when the housing sector went bust because they only thing they had going for them, was the housing bubble.

Places that are on the fringe of an expensive metro area are going to experience a crash which sends ripple effects into its government.
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Old 04-07-2013, 11:17 AM
 
4,231 posts, read 6,692,758 times
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Originally Posted by Tulemutt View Post

And in case you weren't aware, Stockton is not the state of California.
And whom has Stockton put on the hook besides it’s own residents for it’s underfunded CalPERS dealings?

It’s very possible PERS may eat some if not all of Stockton’s pension boondoggle. Stockton employees might was well be state employees.

I'm guessing you must be the new California PR cheerleader.
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Old 04-07-2013, 11:56 AM
 
Location: Sector 001
9,472 posts, read 7,901,411 times
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Quote:
Originally Posted by EscapeCalifornia View Post
Sure, just numbers on a screen. Until you're the one being told you won't be getting paid for your work or won't get your investment back.
I've heard some countries are resorting to taking money from private bank accounts to pay off debt. Now if they start doing that it's time for a revolution. I didn't be a cheapskate who naturally stockpiles money to be punished for it.

In order to get my point about fractional reserve banking you have to go to 24:25 in that youtube video... the link before was flaky.

http://www.youtube.com/watch?v=0K5_J...ilpage#t=1471s
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Old 04-07-2013, 01:58 PM
 
Location: On the water.
17,625 posts, read 10,114,676 times
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Quote:
Originally Posted by Fargobound View Post
I'm guessing you must be the new California PR cheerleader.
I was going to try for N. Dakota cheerleader but couldn't find anything worth cheering about.

I'm guessing you are originally from California and really miss it here. To compensate you are on a mission to paint everything California negative. 37 million here. The overwhelming majority of whom are happy to be finding their way. You couldn't. Mudslinging is your next move. Makes sense.

Again, Stockton's problem is not California's failing whether CA ends up bailing it out or not. You asked a question. You got your answers. They weren't negative indicators of CA. So you keep trying to sling new negatives.
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Old 04-07-2013, 02:29 PM
 
4,231 posts, read 6,692,758 times
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Quote:
Originally Posted by Tulemutt View Post
I was going to try for N. Dakota cheerleader but couldn't find anything worth cheering about.
Mudslinging?

9.6% unemployment rate

23.2% poverty rate

Second worst credit rating of all the states.

High school drop out rate that rivals poor southern states

These are facts, so don’t confuse facts with mudslinging. The Stockton BK deal will set the precedent for other mismanaged cities to follow.
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