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Old 11-23-2019, 07:37 PM
 
17,874 posts, read 15,981,389 times
Reputation: 11662

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California's budget surpluses

https://news.yahoo.com/california-ag...203430855.html

Apparently, you had bigger surplus in the past in spite of all talk about California being a failed state, with all the illegals, middle class leaving, fires, droughts, etc etc.

https://www.politifact.com/californi...early-30-bill/

Werent you guys just having some teacher strike about not being paid, too many students? Why not use surplus hire more teachers, and build more schools?

Or what other problems are you guys having that this surplus or the built up surpluses can be used to address? Maybe pay cops more so they happier, build shelters for homeless.

Do you guys do big housing projects like a NYCHA or Cabrini Green? Sec 8, food stamps etc etc?
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Old 11-23-2019, 08:02 PM
 
17,874 posts, read 15,981,389 times
Reputation: 11662
And now I just find this article, and it paints a more dire picture. Its from about a year ago when Newsom first took control.

All the tax revenue surplus is from tech workers cashing out stock options, and people selling their homes, and giving California a boon in capital gains tax collections.

Pensions, plus infrastructure improvements will cost way more than the projected surplus

https://californiapolicycenter.org/c...g-debt-burden/
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Old 11-23-2019, 08:09 PM
 
Location: On the water.
21,760 posts, read 16,386,231 times
Reputation: 19862
I don’t mind your interest in California ... But I’m curious what it’s based on? You thinking of moving west?
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Old 11-23-2019, 08:21 PM
 
Location: State of Transition
102,235 posts, read 108,076,189 times
Reputation: 116201
Quote:
Originally Posted by NJ Brazen_3133 View Post
And now I just find this article, and it paints a more dire picture. Its from about a year ago when Newsom first took control.

All the tax revenue surplus is from tech workers cashing out stock options, and people selling their homes, and giving California a boon in capital gains tax collections.

Pensions, plus infrastructure improvements will cost way more than the projected surplus

https://californiapolicycenter.org/c...g-debt-burden/
You can thank Jerry Brown for that.

CA will need to surplus to cover state worker's retirement pensions, among other things.
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Old 11-23-2019, 09:08 PM
 
30,904 posts, read 36,998,853 times
Reputation: 34557
Quote:
Originally Posted by Ruth4Truth View Post
You can thank Jerry Brown for that.

CA will need to surplus to cover state worker's retirement pensions, among other things.
Correct.

The surpluses are pretty modest when compared with the liabilities of maintaining infrastructure and covering pensions. Not to mention the fact that we need to be prepared for the next recession, which will happen at some point. Right now, we're not well prepared for it.

California's bond rating was only recently upgraded to AA by 2 of the 3 major ratings agencies. That's good, but it's nothing to brag about, since most states are rated AA or higher (the 3rd highest rating).

So we still have a lot of work to do on the financial front.
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Old 11-23-2019, 09:16 PM
 
Location: Sylmar, a part of Los Angeles
8,360 posts, read 6,449,014 times
Reputation: 17479
Surplus is a drop in the bucket of pension debt.
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Old 11-24-2019, 08:02 AM
 
6,675 posts, read 4,285,120 times
Reputation: 8441
Quote:
Originally Posted by Ruth4Truth View Post
You can thank Jerry Brown for that.

CA will need to surplus to cover state worker's retirement pensions, among other things.
Brown did have flashes of sanity now and then. The problem is Newsom doesn’t seem to have any sanity, no spending restraint and signs laws that he should know will be overturned.

I bet that under Newsom the surplus will disappear, especially if there’s an economic downturn. I hope I’m wrong but we’ll see.
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Old 11-24-2019, 09:20 AM
 
Location: Sierra Nevada Land, CA
9,455 posts, read 12,559,845 times
Reputation: 16453
Quote:
Originally Posted by NJ Brazen_3133 View Post
California's budget surpluses

https://news.yahoo.com/california-ag...203430855.html

Apparently, you had bigger surplus in the past in spite of all talk about California being a failed state, with all the illegals, middle class leaving, fires, droughts, etc etc.

https://www.politifact.com/californi...early-30-bill/

Werent you guys just having some teacher strike about not being paid, too many students? Why not use surplus hire more teachers, and build more schools?

Or what other problems are you guys having that this surplus or the built up surpluses can be used to address? Maybe pay cops more so they happier, build shelters for homeless.

Do you guys do big housing projects like a NYCHA or Cabrini Green? Sec 8, food stamps etc etc?
You will have to excuse me perceiving this as yet another CA bashing thread. As a side note, the stuff about teachers is made up, unless you are talking about AZ.
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Old 11-24-2019, 09:29 AM
 
Location: Pennsylvania
31,340 posts, read 14,305,539 times
Reputation: 27863
California is a ticking time bomb.
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Old 11-24-2019, 09:48 AM
 
Location: On the water.
21,760 posts, read 16,386,231 times
Reputation: 19862
Quote:
Originally Posted by BeerGeek40 View Post
California is a ticking time bomb.
Well ok:! ALARM ALARM ALARM!!! Everybody abandon ship! *Sirens Horns Bells!!!*. Out out out! Take to your droves with your jewelry and laptops! Head for Texas and Arizona!

Oracle BeerGeek from Pennsylvania has given you one chance with your lives ... seize it ...

I’ll stay behind and sweep up ... if I survive ...
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