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According to this article..pretty bad. And they are just the first..48 out of 50 states are facing shortfalls this year and worse shortfalls next year.
This recovery is not generating revenue for state governments; it's generatiing revenue on Wall Street for banks and corporations.
"California’s fiscal hole is now so large that the state would have to liberate 168,000 prison inmates and permanently shutter 240 university and community college campuses to balance its budget in the fiscal year that begins July 1.
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Think of California as Greece on the Pacific: bankrupt and desperately needing a bailout.
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And California isn’t alone in angling for a bailout. U.S. states are facing shortfalls totalling nearly $300-billion in 2010 and 2011; they also must wrestle with hundreds of billions more in unfunded pension obligations to their workers. “There are a few Greek crises brewing among the United States of America,” said economist Ed Yardeni of Yardeni Research Inc. "
And Texas' is almost as bad. One good thing to come out of it, though is that Texas won't be able to buy those new textbooks that the Moonies in Austin on the State Bd. of Ed textbook committee sliced & diced on history & science. But even with that, Texas is still going to be in a $11-12 BILLION dollar hole for 2011-2012.
Actaully Texas is i better shape than California was before the recession. California and some other states were living on credit long before the recession.That is why its going to take deep cuts to balance because they will be paying long into the future.
And Texas' is almost as bad. One good thing to come out of it, though is that Texas won't be able to buy those new textbooks that the Moonies in Austin on the State Bd. of Ed textbook committee sliced & diced on history & science. But even with that, Texas is still going to be in a $11-12 BILLION dollar hole for 2011-2012.
Texas is nowhere near California txgolfer130. There's a map in that link which shows the states and in what condition they are in.
There are plenty of states ahead of Texas that are in bad budget conditions and have been for much longer than Texas.
So basically California is going to turn into Mexico in a few years unless it is bailed out... hmm..... I wonder why... lucky they have all those illegal immigrants to help out the economy and not drain the system... can't wait for the Hablo Espanol School System to start! Don't worry we have Keynesian system to work our way out it... California SPEND MORE MONEY!! That's what the federal government did and look at the spectacular results!!
Texas is nowhere near California txgolfer130. There's a map in that link which shows the states and in what condition they are in.
There are plenty of states ahead of Texas that are in bad budget conditions and have been for much longer than Texas.
I saw the map. That map is on a percentage of 2010 budget numbers. Texas was only able to balance their budget after cuts and all, after taking the stimulus package. California also does their budget on a year-by-year basis. Texas does theirs on a 2-year time frame, as they meet. For 2011 California is looking at a $37 BILLION dollar shortfall (ceteris peribus). Texas is at $11-12 BILLION...and counting.
Don't rely just on the pictures, the truth and evidence is out there. We are in for a SEVERE tightening of the belt. We were lucky to hold out this long. W/out some real turn around, we're gonna be in the thick of it very, very soon.
The initial feeling I got from glancing at it is that Ca is definitely not alone.
There's a graphic in the article showing expected shortfall next year as a percentage of this year's budget but unfortunately I couldn't find it on the web.
I saw the map. That map is on a percentage of 2010 budget numbers. Texas was only able to balance their budget after cuts and all, after taking the stimulus package. California also does their budget on a year-by-year basis. Texas does theirs on a 2-year time frame, as they meet. For 2011 California is looking at a $37 BILLION dollar shortfall (ceteris peribus). Texas is at $11-12 BILLION...and counting.
Don't rely just on the pictures, the truth and evidence is out there. We are in for a SEVERE tightening of the belt. We were lucky to hold out this long. W/out some real turn around, we're gonna be in the thick of it very, very soon.
Oh I don't disagree with you on that. We need to cut and start cutting now big time so we don't end up like California.
But try telling that to the locals running city governments...in one breath they talk of cuts to fire, police and teachers and then turn around and want to spend millions on hike & bike trails. Plenty of people moved here and are living on "Da Nile"
And Perry did take the veto pen to the last budget passed. Then again how well can anyone predict how fast the revenues fell. We're also being bombarded daily with MSM saying "recovery". Yet reality says the opposite as revenues fall faster than even projected.
California's politicians are in serious denial. They don't want to cut their pet projects or look like they're going against their special interest groups.
Look at LA's inept Mayor Villaraigosa and His band Aid approach. The only level headed LA politician seems to be former LAPD Chief and present City councilman Bernard Parks who keeps telling the Mayor that LA is broke and that He needs to take more drastic action. Add in an equally clueless Clown in Arnold Schwarzeneggar and it's easy to see where the State is headed.
California needs to get rid of the Welfare mentality, Deport it's Illegal aliens and make some serious cuts. Too many of the States politicians are owned by the Unons and special interest groups and it will probably get a lot worse before it gets better.
In a sane world the United States would give California back to Mexico and be done with it. California is bankrupt because of all its welfare programs geared toward undocumented immigrants.
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