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California doesn't have a $68B surplus, We have a $100B deficit because of unfunded pension liabilities. Unlike private businesses that have to meet minimum funding requirements for pensions they owe their employees, because CA is a government they are exempt from ERISA 1974. That doesn't mean they don't owe the money, it means they can hide it. If CA were required to put that money aside now, like private business ism we'd be way underwater.
It is like buying a $20,000,000 oceanfront home, a Rolls Royce and having parties every night serving Dom Perignon and putting it all on a credit card. You think you are rich, you are living like you are rich, but you aren't rich. Sooner or later that bill comes due.
This is a countrywide problem with unfunded liabilities.
The easiest way to gauge the TRUE non-partisan financial health of states is to look at their bond ratings.
It's due to year round bad weather there why Tulsa and Oklahoma are so unpopular. If it isn't the wind blowing night and day, it's something else wrong with the weather, such as big hail, ice storms or tornadoes. Also lack of good paying jobs is a factor. It seems some people can be bribed, though. Most Oklahoma suburbs are nice from having low crime rates. Tulsa Midtown is nice from having Cherry St. and Utica Square. Garth Brooks lives near Nashville.
My Oklahoma friend chose to live in San Diego after getting out of the Marines some time ago and likes it so much better there, that he doesn't want to move back to Oklahoma.
I visited a friend in Oklahoma City. Went to the liquor store and looked for the beer cooler. After not finding it asked where the beer was. Was pointed to the aisle it was in. Next question was where is the cold beer? Was informed they aren't allowed to sell beer cold. To this day I do not know if he was messing with me or not. But that was my first insight into how weird Oklahoma is. Not even Pennsylvania has laws that weird and they have some real doozies.
California... budget... they actually would be wise to hold that money as they are ever only a moment away from being bankrupted by disasters.
I visited a friend in Oklahoma City. Went to the liquor store and looked for the beer cooler. After not finding it asked where the beer was. Was pointed to the aisle it was in. Next question was where is the cold beer? Was informed they aren't allowed to sell beer cold. To this day I do not know if he was messing with me or not. But that was my first insight into how weird Oklahoma is. Not even Pennsylvania has laws that weird and they have some real doozies.
California... budget... they actually would be wise to hold that money as they are ever only a moment away from being bankrupted by disasters.
OK has a lot of tribal land so depending where you are there is that to consider.
But conservatives have been telling everyone California will sink anytime now? Where is the doom and gloom?
It's not just California. Many states are suddenly running budget surpluses, and plenty of them are so-called Red and Purple states that didn't vote for Joe Biden.
I am pleased to see that California is putting some of it back for a rainy day, and that New Jersey actually made a full pension payment for the first time in years. It's rare to see such practical restraint from Democrats.
Here is a much more balanced article on this very topic with a lot of great info on the subject:
But conservatives have been telling everyone California will sink anytime now? Where is the doom and gloom?
Ah yes, another unsupported claim against your enemies.
As a conservative, I wonder why ....
*There was such fear that local governments would have huge budget deficits from Covid, when those governments are largely financed by property taxes unaffected by Covid.
*the American Rescue Plan gave every state a bunch of money to use as they wished, when by the time it passed each state had gone through the 2020 budget year and few saw economic losses (budget shortfalls) due to Covid?
CA knew they had a budget surplus for 2020 before the ARP was ever passed.
One economic issues, California is a pretty conservative place. There are huge wealth disparities there, and they aren’t too friendly toward labor.
California voters passed Proposition 22 which screwed over gig workers, big time. It took a judge to strike it down.
Wealthy Californians protect their enclaves (and property values) by preventing new housing developments and high density zoning.
California is liberal on social issues only. On economic issues, California is a conservative paradise.
I thought "affordable housing" - having enough for the low-moderate income - was a social issue, not an economic one.
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