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Old 05-24-2010, 11:15 AM
 
Location: Tower of Heaven
4,023 posts, read 7,339,886 times
Reputation: 1450

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COMPARISONS between California and the land of Socrates have become frequent recently. They are different, of course. California is nowhere near defaulting on its debts (though rating agencies consider that risk greater in California than in the other 49 states). But California has become America’s symbol of fiscal mismanagement as Greece is now Europe’s.
Arnold Schwarzenegger, California’s lame-duck governor, conceded as much on May 14th, when he updated his budget proposal to the legislature. After several rounds of painful spending cuts, California is now contemplating a budget that is, when adjusted for inflation and population growth, smaller than it was a decade ago. And yet the state still confronts a budget hole estimated at $17.9 billion in the current and coming fiscal years. Mr Schwarzenegger, a Republican in a high-tax state, wants to plug that hole without raising taxes, with more cuts and some federal aid.
The governor admits that California has already plucked the “low-hanging fruits”, and the medium and high-hanging ones as well, and must now “shake the whole tree”.
The rest:
California's budget crisis: Greece is the word | The Economist

Last edited by Bo; 05-24-2010 at 01:40 PM.. Reason: General US has a single-state rule. This thread was moved from General US, since the original topic was about a single state.
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Old 05-24-2010, 11:30 AM
 
Location: The City
22,379 posts, read 38,678,927 times
Reputation: 7974
Interesting and scary. I hope the rest of the country doesn't have to foot the bill though
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Old 05-24-2010, 11:49 AM
 
Location: Tower of Heaven
4,023 posts, read 7,339,886 times
Reputation: 1450
Quote:
Originally Posted by kidphilly View Post
Interesting and scary. I hope the rest of the country doesn't have to foot the bill though
I hope too
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Old 05-24-2010, 12:23 PM
 
12,999 posts, read 18,794,920 times
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Sure California has the nation's biggest budget deficit, but it's also the most populous state. Illinois has a $13.1 billion deficit and a much smaller population. The Governor is making a last-ditch attempt to balance it, but that is unlikely in an election year. Just for laughs, he is being challenged by a candidate who claims he will not raise taxes and even make it harder to ever do. Pandering? Sure. The State Animal is the White-tailed deer, but they should probably change it to the Pander.
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Old 05-24-2010, 01:26 PM
 
Location: Los Altos Hills, CA
36,628 posts, read 67,146,871 times
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Quote:
Originally Posted by kidphilly View Post
Interesting and scary. I hope the rest of the country doesn't have to foot the bill though
Ironically the rest of the country is part of the reason California has budget shortfalls to begin with.

California pays $290 Billion annually in federal taxes and gets back only $240 Billion in commensurate federal spending.

Meaning, 50 Billion of California's dollars are spent in other states. Annually.

$50 Billion equals half a trillion dollars over the last decade in Californians directly investing into the infrastructure, social services and government acquisition of contractors from other states.

California would have NO deficit if the Federal Government spent all of California's money in California.

By the way, several other states have the same problem-where they pay for other states-almost all of the Donor states interestingly enough, are blue. And all of the Moocher states, are not.
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Old 05-24-2010, 01:29 PM
 
Location: The City
22,379 posts, read 38,678,927 times
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Quote:
Originally Posted by 18Montclair View Post
Ironically the rest of the country is part of the reason California has budget shortfalls to begin with.

California pays $290 Billion annually in federal taxes and gets back only $240 Billion in commensurate federal spending.

Meaning, 50 Billion of California's dollars are spent in other states. Annually.

$50 Billion equals half a trillion dollars over the last decade in Californians directly investing into the infrastructure, social services and government acquisition of contractors from other states.

California would have NO deficit if the Federal Government spent all of California's money in California.

By the way, several other states have the same problem-where they pay for other states-almost all of the Donor states interestingly enough, are blue. And all of the Moocher states, are not.

Funny I just literally posted this by state in another link

New Jersey does far worse than CA in this respect and MS does the best. There are actually 7 states in owrse shape on this metric when compared to CA.
//www.city-data.com/forum/gener...urn-state.html
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Old 05-24-2010, 01:39 PM
 
Location: Tower of Heaven
4,023 posts, read 7,339,886 times
Reputation: 1450
Quote:
Originally Posted by 18Montclair View Post
Ironically the rest of the country is part of the reason California has budget shortfalls to begin with.

California pays $290 Billion annually in federal taxes and gets back only $240 Billion in commensurate federal spending.

Meaning, 50 Billion of California's dollars are spent in other states. Annually.

$50 Billion equals half a trillion dollars over the last decade in Californians directly investing into the infrastructure, social services and government acquisition of contractors from other states.

California would have NO deficit if the Federal Government spent all of California's money in California.

By the way, several other states have the same problem-where they pay for other states-almost all of the Donor states interestingly enough, are blue. And all of the Moocher states, are not.
It's too easy to say that, pension funds are a big problem, middle-class and small-biusiness exode too (because high taxes).
I hope Schwarzy will fix this state with a more business-friendly climate, but that will be hard.Good luck to him.
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Old 05-24-2010, 01:41 PM
 
1,969 posts, read 6,370,530 times
Reputation: 1308
Quote:
Originally Posted by 18Montclair View Post
Ironically the rest of the country is part of the reason California has budget shortfalls to begin with.

California pays $290 Billion annually in federal taxes and gets back only $240 Billion in commensurate federal spending.

Meaning, 50 Billion of California's dollars are spent in other states. Annually.

$50 Billion equals half a trillion dollars over the last decade in Californians directly investing into the infrastructure, social services and government acquisition of contractors from other states.

California would have NO deficit if the Federal Government spent all of California's money in California.

By the way, several other states have the same problem-where they pay for other states-almost all of the Donor states interestingly enough, are blue. And all of the Moocher states, are not.
I was going to make the same point. Welfare states (mostly Southern and Midwestern states) steal from California and other productive states to pay for their lazy redneck lifestyle. As far as the Blue/Red, this really shows how dumb both Blue and Red voters are. The Blue voters should be voting Red and the Red voters should vote blue to continue their welfare existence.
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Old 05-24-2010, 01:42 PM
 
20 posts, read 78,890 times
Reputation: 38
Quote:
Originally Posted by pvande55 View Post
Sure California has the nation's biggest budget deficit, but it's also the most populous state. Illinois has a $13.1 billion deficit and a much smaller population. The Governor is making a last-ditch attempt to balance it, but that is unlikely in an election year. Just for laughs, he is being challenged by a candidate who claims he will not raise taxes and even make it harder to ever do. Pandering? Sure. The State Animal is the White-tailed deer, but they should probably change it to the Pander.

Don't forget all the illegals. I guess you don't want to talk about them and their drain on the economy.
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Old 05-24-2010, 01:44 PM
 
20 posts, read 78,890 times
Reputation: 38
Quote:
Originally Posted by JakeDog View Post
I was going to make the same point. Welfare states (mostly Southern and Midwestern states) steal from California and other productive states to pay for their lazy redneck lifestyle. As far as the Blue/Red, this really shows how dumb both Blue and Red voters are. The Blue voters should be voting Red and the Red voters should vote blue to continue their welfare existence.

It is kind of like the illegals are stealing from California and California is stealing from the productive red states.
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