California Continues to Boom -- State Budget Has $6.1 Billion Surplus! (Stanford: sales, go bankrupt)

[Independentthinking]

Originally Posted by Elliott_CA

California's economy continues to boom, extending a growth trend that started several years ago, helping the state to produce a $6.1 Billion budget surplus.

Governor Brown wisely wants to deposit $3.5 Billion into the rainy day fund to be used as a revenue source whenever the next recession hits. Gov. Brown has been an excellent manager of the budget -- he's a rare bird known as a "frugal Democrat." Politicians in Washington could learn from him.


https://www.mercurynews.com/2018/01/...-state-budget/

p.s. -- I'm sure someone will reply and say California has some huge amount of unfunded liabilities, pensions, etc. That may be true to some extent but it's not payable all at once, the liability is spread over decades and is therefore manageable.

Well of course they do Elliott, but obviously you had to try to nip that in the bud so you had that nice disclaimer at the end. Any business would recognize this on a P & L statement, but hey, it's that fun Liberal math so no need to get into that. But hey, let's go with this and that means we'll never have to hear another whiner complain about Prop 13, regardless of the record revenue it's brought in for the state.

http://www.sacbee.com/news/politics-...148181774.html

Yeah, it's manageable. No need to worry, lol. Look at me..I've got rose colored glasses on!

But, but, but...cue Jerry "the BS artist" Brown to come in with his spin.

[checkup]

Originally Posted by Independentthinking

Well of course they do Elliott, but obviously you had to try to nip that in the bud so you had that nice disclaimer at the end. Any business would recognize this on a P & L statement, but hey, it's that fun Liberal math so no need to get into that. But hey, let's go with this and that means we'll never have to hear another whiner complain about Prop 13, regardless of the record revenue it's brought in for the state.

California has one of nation's worst public pension shortfalls | The Sacramento Bee

Yeah, it's manageable. No need to worry, lol. Look at me..I've got rose colored glasses on!

But, but, but...cue Jerry "the BS artist" Brown to come in with his spin.

Jerry Brown hasn't tried to spin this at all. He's warned -- just like he does every year -- that another recession will put us back in the red and drive down revenue. Projections suggest that a mild recession will put us back into a 20B deficit. That's exactly why, in addition to just words, Brown has taken action by stashing away another $5B in the rainy day fund.

Jerry Brown has also opined that the CA courts should slash public worker pensions in pending cases about the "California rule". The outcome and impact of those cases is debatable. But it's completely disingenuous to say that he's "spinning" this or doesn't see the potential gloom that's coming

[CA4Now]

Originally Posted by checkup

Jerry Brown has also opined that the CA courts should slash public worker pensions in pending cases about the "California rule". The outcome and impact of those cases is debatable. But it's completely disingenuous to say that he's "spinning" this or doesn't see the potential gloom that's coming

Exactly. Brown is one of the most fiscally conscious governors we've had. He's also proved that he's smart about revenue forecasts.

California's budget deficit is back, Gov. Jerry Brown says - LA Times

[JGC97]

I like Brown's "rainy day fund" idea. It should always be that way. Save money when you can to get you through the lean times. It's a philosophy I've lived by my entire adult life. Good decision on his part. Have to say he's been a better governor than his successor and a few others in the history of the state. I don't always agree with him but this is a good plan. Hope it works out for him and the people of this state.

[Justin Scott]

Great! Stop raising taxes and better distribute current revenue.

[Independentthinking]

Originally Posted by CA4Now

Exactly. Brown is one of the most fiscally conscious governors we've had. He's also proved that he's smart about revenue forecasts.

California's budget deficit is back, Gov. Jerry Brown says - LA Times

Lol. Who's on first. You can get whipsawed listening to the BS.

[checkup]

This youtube video of Jerry Brown in 1976 (when he was 37 y/o) on 60 minutes is on point with this thread and prescient -- it's all about how he was fiscally tight-fisted and against big gov't and waste


https://www.youtube.com/watch?v=2TTF1-LoKn8

[Elliott_CA]

Originally Posted by Independentthinking

Any business would recognize this on a P & L statement, but hey, it's that fun Liberal math so no need to get into that.

This statement puzzles me because state and local governments have been required to disclose funded and unfunded debt on audited statements for years now.

[Peasy973]

So we should get a special refund this year and reduction in gas taxes, right?

[checkup]

Originally Posted by Peasy973

So we should get a special refund this year and reduction in gas taxes, right?

No because they are putting $5B of the $6.1B surplus into the rainy day fund. By law, we have to put in $1.5B minimum of any surplus; Brown is going above and beyond given a likely recession within the next few years