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My poor CA has been bleeding for decades now. We fled when we saw the impending explosion of bonds coming due. What a wonderful job the liberal left of San Fran has done for the state. I applaud you. I have to wonder if we can look forward to more of the same if Mr. Obama becomes the annointed.
As opposed to the wine and roses we have seen the last 7 years?
I get your point but.......
So many agendas here, the bottom line is the state will find a way to fix their finances and will get along just fine.
One of the biggest problems I see though if Obama wins the elections is the possible decline on investment (cap gain) income. I see this as a potential problem for all states that have an income tax though, it wouldn't just be a California issue.
They have the same type problems that new york city had. They will have to cut spending. The danger comes in the bond market were they either get back in the black or projects will cost too much or the bonds will not sale at all.Personally I thnik it will be tough but the state will get by and can change in the future as others have done.They probably will have to come up more revenues also;by taxes or fees.
Regarding pensions, do you have a link I could evaluate?
Sure. It is not from Sacramento, and I certainly know that it does not apply state wide. However, I think that the point deserves exploration. For example, in my state the teachers have the fourth highest salaries in the nation, but we are number 1 (I think that is still accurate) in unemployment.
We must have a balanced playing field when on the one hand we decry for profit companies that may not be able to afford such benefits, but on the other hand, it is the taxpayer base that subsidizes the few.
By the way, did you see where the Senate dining rooms will be privatized? Same type of story. Costs and salaries were so out of line being run by the government that Congress acted to turn the operations over to a private operation.
Thanks for asking for the backup. I was negligent in not providing it.
Sure. It is not from Sacramento, and I certainly know that it does not apply state wide. However, I think that the point deserves exploration. For example, in my state the teachers have the fourth highest salaries in the nation, but we are number 1 (I think that is still accurate) in unemployment.
We must have a balanced playing field when on the one hand we decry for profit companies that may not be able to afford such benefits, but on the other hand, it is the taxpayer base that subsidizes the few.
By the way, did you see where the Senate dining rooms will be privatized? Same type of story. Costs and salaries were so out of line being run by the government that Congress acted to turn the operations over to a private operation.
Thanks for asking for the backup. I was negligent in not providing it.
Thanks, I'll take a look at this.
About the Senate dining rooms, take that thought and now consider the debate on national healthcare...
About the Senate dining rooms, take that thought and now consider the debate on national healthcare...
Yes indeed. I'm going to be pondering that question with all of the ramifications for quite some time before rushing to conclusions. I obviously have some thoughts, but that's quite an issue.
A state is not an entity eligible to be a debtor under the bankruptcy law. See 11 U.S.C. § 109. There is provision for adjustment of debts of a municipality under Chapter 9 of title 11 United States Code as Orange County did in 1994 due to investment losses; and the City of Vallejo just recently filed Chapter 9 to restructure its insolvent pension plan. San Diego also has an insolvent pension system, and may be facing municipal reorganization as well.
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