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A state with a growing economy and little to no deficit spending would be stupid to not issue more debt right now considering that it's as close to free as it'll ever be if their bond rating is high enough. Long term pension obligations are a much bigger threat to state and local governments than issuing new debt for infrastructure investment.
And California is currently sitting on a $4 billion surplus.
California currently is enjoying a budget surplus — on a cash-accounting basis. That surplus was made possible in no small part by putting off payments to the nation’s two largest pension plans, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS). Those two pension funds already have something north of $300 billion in unfunded liabilities between the two of them, and they need billions of dollars every year in additional funding just to avoid going even deeper underwater. California is predicting a $3.2 billion surplus for 2014–15, but the state needs to put at least $5 billion into its pensions to stay even. It is not doing so, which means that all Governor Brown has accomplished is to push today’s pain into the future, when it will be endured with interest.
having a 'big economy' doesn't do much when you have nearly a trillion dollars in debt
Of course it does. Big economy guarantees that the state will get out of it, economics of Alabama and Louisiana guarantee that these state will always live off federal handouts, funded by affluent liberal states.
Of course it does. Big economy guarantees that the state will get out of it, economics of Alabama and Louisiana guarantee that these state will always live off federal handouts, funded by affluent liberal states.
meanwhile cali is one of the biggest welfare states there is
The BIGGEST US WELFARE STATES
–Year Researched Data———2009-2012
State——-% of Pop on Welfare—–Spending on Welfare—-Total on Welfare
#1. California……………3.30%………………$3.28 BILLION………..1,212,893
#2. Maine………………..2.37%……………….$61.73 MILLION………..31,148
#3. Tennessee………….2.15%……………..$91.28 MILLION……….133,505
#4. Massachusetts…….2.09%…………….$295.29 MILLION………136,033
#5. Vermont…………….2.02%……………..$30.92 MILLION………..12,543
#6. Wash DC…………..1.99%……………….$18.67 MILLION………..11,806
#7. New York…………..1.92%………………$1.47 BILLION…………..373,305
#8. Minnesota…………..1.88%………………$106.29 MILLION………98,028
#9. Washington…………1.86%………………$265.88 MILLION……121,864
#10. New Mexico……….1.83%………………$58.87 MILLION…….36,322
such a great economy...over a million people on welfare...the HIGHEST percent of population NATION WIDE.....
yep that """great""" economy is so great for as million poor slobs
Liberals don't understand or even care about debt, it's a foreign concept to them that other people deal with. To liberals, debt is always someone else's problem.
They only care about debt when its Republican debt.
liberal thought process
$200B deficits by Bush crashed the economy
$1T deficits by Obama will save us all..
Of course it does. Big economy guarantees that the state will get out of it, economics of Alabama and Louisiana guarantee that these state will always live off federal handouts, funded by affluent liberal states.
Ridiculous..
Large economies dont mean things cant go bankrupt, where did you hear that bull crap from?
Lehman Brothers
Enron
Indymac Bank
Chrysler
General Motors
Of course it does. Big economy guarantees that the state will get out of it, economics of Alabama and Louisiana guarantee that these state will always live off federal handouts, funded by affluent liberal states.
Good, that money is going to Democrat voters anyway, liberal states should pay for them.
California currently is enjoying a budget surplus — on a cash-accounting basis. That surplus was made possible in no small part by putting off payments to the nation’s two largest pension plans, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS). Those two pension funds already have something north of $300 billion in unfunded liabilities between the two of them, and they need billions of dollars every year in additional funding just to avoid going even deeper underwater. California is predicting a $3.2 billion surplus for 2014–15, but the state needs to put at least $5 billion into its pensions to stay even. It is not doing so, which means that all Governor Brown has accomplished is to push today’s pain into the future, when it will be endured with interest.
more liberal doublespeak
Like I said, pension obligations are a much bigger threat than debt. No double speak there.
Quote:
Originally Posted by pghquest
They only care about debt when its Republican debt.
liberal thought process
$200B deficits by Bush crashed the economy
$1T deficits by Obama will save us all..
yes, liberals are that stupid..
Who has claimed that Bush era deficits crashed the economy? The claim was you can't be all up in arms about Obama deficits when a vast majority of those were created by the economic crash and the Bush tax cuts. If you're going to attribute an argument to someone, at least know what the argument is.
Or are you agreeing with Mr. Cheney that "deficits don't matter?"
Yup. California is great and simply better in taking care of its poor, hence high percentage of people collecting welfare.
Lets look at this data showing percentage of people per state who did not have to file taxes or were owed a refund due to no sufficient income, a/k/a people living in poverty:
Cali is still better than most conservative states including Texas, Georgia and Carolinas.
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To liberals, debt is always someone else's problem.
