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Author Topic: California budget surplus Back to Topics
jayrad1957

Champion Author
Los Angeles

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Message Posted: Jan 10, 2013 6:17:05 PM

Finally, a budget surplus.

Unemployment rate dropping as well.
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I75at7AM
Champion Author Dayton

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Message Posted: Feb 20, 2013 10:51:54 AM

Back to reality:
As predicted: California’s 1Q revenues dropping back to earth. Hard.
"[An official California Budget office cash] report says the extra money was “likely the result of major tax law changes at the federal and state level having a significant impact in the timing of revenue receipts.”"
"Which is to say: as predicted by me. I had a feeling that California’s surprisingly high tax revenues in January were due to people rushing through existing taxable transactions before that state’s new rates kicked in"\

And if California's unemployment rate seems to be dropping, that might be due, in large part, to the people leaving the state!
Oh, the ignominity of people leaving paradise for....for.....Texas!
And why are people leaving states like California for states like Texas?
Austin, Oklahoma City rank 1-2 in economic index again (Houston is No.3, Columbus Ohio is No.4)

Enjoy your budget surplus. With fewer people to serve, maybe the money will go a little farther......
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AC-302
Champion Author Los Angeles

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Message Posted: Jan 18, 2013 10:28:41 PM

To paraphrase a line from the movie "The Saint" (the Val Kilmer one)..

.."You don't really believe in all this budget surplus mumbo jumbo, do you?"
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AC-302
Champion Author Los Angeles

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Message Posted: Jan 18, 2013 10:27:44 PM

OH, already in the WSJ I saw where Facebook stock has fallen after it's IPO. They were saying that this is going to have a significant effect on the CA budget, because they were expecting more profit off of the Facebook IPO and Facebook insiders' stock options they were going to sell off..So already in January the excuses are beginning.
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flyboyUT
Champion Author Utah

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Message Posted: Jan 18, 2013 1:30:41 PM

Hey dont we go through this exercise in futility often with this place. At the beginning of he year they crow about how their budget is gonna be peaches an cream with a dusting of pixie dust. Then at the end of the year they say well revenues werent too good and expenses were more than we thought - but we will do better next year...
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101Speedster
Champion Author Ventura

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Message Posted: Jan 18, 2013 12:58:36 PM

Thank God. Now, we can start lowering our tax rates.
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AC-302
Champion Author Los Angeles

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Message Posted: Jan 15, 2013 9:41:56 PM

Topic: California budget surplus

--..Is more of a mirage than cold fusion was.

Worryfree - he could also have meant Haiti, the country. But then by definition it must also mean the Dominican Republic, who share the island. We could be waiting for Haiti to freeze over, which is about as unlikely as HADES freezing over. Of course, the Greek version of Hades isn't the "lake of fire" bit. IT was actually described as a cold and barren place, which Haiti is decidedly not.
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worryfree
Champion Author Twin Cities

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Message Posted: Jan 15, 2013 4:13:31 PM

Haties are people who hate someone or something. Did you mean Hades?
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owt
Champion Author Tennessee

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Message Posted: Jan 15, 2013 3:31:01 PM

We can't have the "fault" earthquake soon enough so they can float off to la-la land.
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oilpan4
Champion Author Virginia

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Message Posted: Jan 15, 2013 1:45:07 AM

"California budget surplus"

Then Haties has finely frozen over.
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101Speedster
Champion Author Ventura

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Message Posted: Jan 14, 2013 10:55:36 PM

Budget packs boost for state workers

>>Gov. Jerry Brown promised voters if they passed Proposition 30 tax increases that the infusion of money would go to the state’s ailing schools.

The budget he unveiled on Thursday includes at least $1.3 billion for something else — more money for state workers . . .<<
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owt
Champion Author Tennessee

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Message Posted: Jan 14, 2013 4:40:44 PM

HA HA HA HA HA,,, more BS from the "west coast"
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101Speedster
Champion Author Ventura

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Message Posted: Jan 14, 2013 12:17:24 PM

10.1% unemployment rate in California?

>>But Brown, a Democrat with a national reputation as a liberal, plays up his penny pinching in California. He has repeatedly stressed the need for spending restraint.<<

>>State Senate budget committee head Mark Leno, a Democrat, said he expects a smooth budget process despite the call for restraint, embracing the idea that the state's finances should "hold steady."

But Leno wants to let local governments raise spending and has proposed a state ballot initiative that would be put before voters by lawmakers to make it easier to raise property taxes to fund schools.<<


[Edited by: 101Speedster at 1/14/2013 12:24:29 PM EST]
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101Speedster
Champion Author Ventura

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Message Posted: Jan 14, 2013 12:15:38 PM

I haven't heard much about this. Are people skeptical about this statement by Jerry Brown?
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flyboyUT
Champion Author Utah

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Message Posted: Jan 13, 2013 1:11:33 PM

Oh are yo folks asking where are the ex residents of Taxifornia, We still out here and still laughing like crazy.

Moonbean really cut actual spending his first time didnt he? Snicker snort...

"Anyone wanna bet that Gov. Moonbeam won't find some new way to spend money rather than make even a token payment on the existing debt principle?" That is like betting that LA will continue to use the freeways.

But watch = he will use he same excuse that the legislature went over his heard or something. 'I want to stop spending so much but them other guys just wont let me'. Doesnt sound good regardless of who says it.

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AC-302
Champion Author Los Angeles

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Message Posted: Jan 13, 2013 12:38:06 PM

There's also another easy solution to this problem. Millionaires and those making over $250K could change their legal residences to places like Washington, Tennessee, Texas or Florida, where they are zero tax states. And believe me that most really rich folks will do that, leaving the middle class to, once again pay more and more for less and less.

Say, Warren Buffet owns a home in Malibu. I wonder if he'll change his residence to CA so that he can actually pay his fair share to our "Equalization board"?
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reb4
Champion Author Chicago

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Message Posted: Jan 12, 2013 12:15:30 PM

That is good news... so what everyone is saying is that california will begin to lower the states debt?

There is a heavy price though....

"Californians in November granted Brown the highest statewide sales tax in the U.S., at 7.5 percent, and boosted levies on income starting at $250,000 -- reaching 13.3 percent on those making $1 million or more, the most of any state. "

however, there are some caveats....

"We are not going to play the game of spending money we don’t have,” the governor said. “We have fixed it.”

Brown said the surplus could be at risk from federal deficit actions, a delay in the economic recovery or increasing health-care costs."


Also, this line is a concern...

"Democrats have indicated they want to use some of the higher revenue to restore funding for programs that were cut. "

However, wish Illinois would balance our budget...
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AC-302
Champion Author Los Angeles

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Message Posted: Jan 12, 2013 1:38:07 AM

Jay, do you REALLY believe it is a REAL surplus? Or, like me, do you beleive our fair Governor Moonbeam is drinking his own Kool-aid and reading his own propaganda again? You know, like the one where the high speed train to nowhere will somehow pull CA's economy out of the toilet? Unemployment may be down, but I want to know the REAL rate, including those who've gone past their 99 or 75 weeks.
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jayrad1957
Champion Author Los Angeles

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Message Posted: Jan 11, 2013 3:00:52 PM

"But Brown vowed to push back at legislators eager to increase spending even more by restoring the billions of dollars to social services and other state programs cut in lean years."

From the article. Spend some time reading the story. Brown does not want to increase spending.

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mudtoe
Champion Author Cincinnati

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Message Posted: Jan 11, 2013 2:11:24 PM

Sort of like a family who has lived on credit cards for years having one month where they didn't have to put more on the credit cards calling themselves suddenly fiscally secure. The fact that they have no way to pay down those credit card balances is of no consequence.

Start this thread again in about 10 years when the debt has been at least halved and the unfunded liabilities have tax revenue allocated to them.


mudtoe


P.S. Anyone wanna bet that Gov. Moonbeam won't find some new way to spend money rather than make even a token payment on the existing debt principle?

[Edited by: mudtoe at 1/11/2013 2:13:31 PM EST]
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jayrad1957
Champion Author Los Angeles

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Message Posted: Jan 11, 2013 11:31:18 AM

Norm,

BINGO and BOOM!

Where are they now?
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RNorm
Champion Author San Bernardino

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Message Posted: Jan 11, 2013 11:12:43 AM

Green, there were a few gasbuddies who regularly started threads bashing California, not surprising that the Cali has their tongues now...

LOL
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jayrad1957
Champion Author Los Angeles

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Message Posted: Jan 11, 2013 10:09:21 AM

Not out of the woods yet. True. Better than it was. Still, I wouldn't want to live elsewhere.
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greentre
Champion Author Pensacola

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Message Posted: Jan 11, 2013 9:37:53 AM

LTVibe, you beat me to it! "Imagine that! Cutting back on entitlement spending in addition to tax increases. I hope the President is paying attention"

RNorm, I don't hate California, just some things out there. The State is a beautiful and diverse country, but some of the laws and taxes are just too much for me. Lived there for many years and my Mom still does. The State is killing her small business but she won't leave because my Dad is buried there.
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RNorm
Champion Author San Bernardino

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Message Posted: Jan 11, 2013 8:10:21 AM

"However, California isn't out of the woods just yet..."


No, but the "california is doomed" reports and/or threads being posted by Cali haters (who don't even live here) are simply premature...
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LTVibe
Champion Author Orlando

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Message Posted: Jan 11, 2013 7:59:29 AM

"...Brown vowed to push back at legislators eager to increase spending even more by restoring the billions of dollars to social services and other state programs cut in lean years... He has repeatedly stressed the need for spending restraint."

Imagine that! Cutting back on entitlement spending in addition to tax increases. I hope the President is paying attention.

However, California isn't out of the woods just yet...

"The finance department estimates there is still a $28 BILLION "Wall of Debt" built up over years of internal borrowing, as well as more than $100 BILLION in unfunded liabilities in state-backed retirement health and pension systems."

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