California now has $2.4 billion surplus. Another liberal success

[velvtacheeze]

Good news, California: Surplus is $2.4 billion - SFGate

Good news, California: Surplus is $2.4 billion
Melody Gutierrez
Updated 10:38 pm, Wednesday, November 20, 2013

Sacramento --

For the first time in nearly a decade, California is collecting more revenue than it is spending and will finish the fiscal year with an extra $2.4 billion, according to a report released Wednesday by the Legislature's nonpartisan budget analyst.

The good news comes after an era that saw one of the worst budget crises in California history - the fiscal shortfall sank to $60 billion in the 2009-10 budget, the state controller mailed IOUs to vendors in 2009 and state lawmakers slashed programs year after year to make ends meet.

Now, thanks to the passage of Proposition 30 last year and the improving economy, California is looking at surpluses for the next six years - even after the temporary taxes under Prop. 30 expire, according to the Legislative Analyst's Office.
==================================================

They did not have a spending problem at any point. They had a "the GOP has power" problem. Once the voters finally culled the GOP from any real power in Sacramento, the Democrats got down to governing responsibly. They now have funds to spend on education for hispanics and blacks, and services for young women who want to obtain an abortion.

The rest of the country has a lot to learn from California.

 

[ScienceRocks]

Good for California!!!!

 

[Mr. H.]

What good is that when you have $340 billion in un-funded liabilities?

Fixing California: Report ignores state?s vast pension liabilities | UTSanDiego.com

 

[Little-Acorn]

For the past several years, California's liberal government accountants have announced glorious "balanced budgets" (which in fact are required by the state constitution)... only to have their predictions of high revenues and low spending blow up in their faces. Year after year.

This year, we have glorious predictions of the same high revenues and low spending, resulting in a balanced or surplus budgets.

Uh-huh.

Then only interesting thing about this thread, is that there appears to be one remaining leftist fanatic who still believes the same old failed predictions, despite years of grim evidence debunking them.

(yawn)

 

[HelenaHandbag]

Moonbeam will find a way to squander it.

You can take that to the bank.

 

[velvtacheeze]

For the past several years, California's liberal government accountants have announced glorious "balanced budgets" (which in fact are required by the state constitution)... only to have their predictions of high revenues and low spending blow up in their faces. Year after year.

This year, we have glorious predictions of the same high revenues and low spending, resulting in a balanced or surplus budgets.

Uh-huh.

Then only interesting thing about this thread, is that there appears to be one remaining leftist fanatic who still believes the same old failed predictions, despite years of grim evidence debunking them.

(yawn)

The GOP's power in the state was FINALLY scraped. And the good results are just starting.

 

[Black_Label]

Excellent work California! Yet another perfect example of how strong progressive ideas lead to strong economies and prosperity

 

[velvtacheeze]

What good is that when you have $340 billion in un-funded liabilities?

Fixing California: Report ignores state?s vast pension liabilities | UTSanDiego.com

These problems will be solved with adjustments to revenue and benefits, and it will be done more quickly and easily the less Republicans are involved.

 

[Mr. H.]

What good is that when you have $340 billion in un-funded liabilities?

Fixing California: Report ignores state?s vast pension liabilities | UTSanDiego.com

These problems will be solved with adjustments to revenue and benefits, and it will be done more quickly and easily the less Republicans are involved.

Bullshit. Illinois is $100 billion in the red and the Democrats just want more taxes.

"Adjustments to revenue and benefits", my ass.

 

[LoneLaugher]

Unfunded liabilities is another way to say "bullshit". They are funded if revenues are collected. Dupe.

 

[velvtacheeze]

What good is that when you have $340 billion in un-funded liabilities?

Fixing California: Report ignores state?s vast pension liabilities | UTSanDiego.com

These problems will be solved with adjustments to revenue and benefits, and it will be done more quickly and easily the less Republicans are involved.

Bullshit. Illinois is $100 billion in the red and the Democrats just want more taxes.

"Adjustments to revenue and benefits", my ass.

My post was about California, not Illinois. And writing 'my ass' next to a quote is a poor debate tactic. You lose.

 

[HelenaHandbag]

Unfunded liabilities is another way to say "bullshit". They are funded if revenues are collected. Dupe.

If ifs and buts were fruits and nuts...

 

[Mr. H.]

These problems will be solved with adjustments to revenue and benefits, and it will be done more quickly and easily the less Republicans are involved.

Bullshit. Illinois is $100 billion in the red and the Democrats just want more taxes.

"Adjustments to revenue and benefits", my ass.

My post was about California, not Illinois. And writing 'my ass' next to a quote is a poor debate tactic. You lose.

Deluding yourself into believing that Californian Democrats can and will crawl out from under $340 billion in liabilities through "adjustments to revenue and benefits" is testament to your inability to comprehend state finances and your blind faith in Liberals.

 

[Mr. H.]

Unfunded liabilities is another way to say "bullshit". They are funded if revenues are collected. Dupe.

Tell that to the millions who put their money into the retirement system. These funds are chronically underfunded by state, choosing to divert revenues elsewhere. Actuarial requirements are one thing, collecting revenues is another.

 

[velvtacheeze]

Bullshit. Illinois is $100 billion in the red and the Democrats just want more taxes.

"Adjustments to revenue and benefits", my ass.

My post was about California, not Illinois. And writing 'my ass' next to a quote is a poor debate tactic. You lose.

Deluding yourself into believing that Californian Democrats can and will crawl out from under $340 billion in liabilities through "adjustments to revenue and benefits" is testament to your inability to comprehend state finances and your blind faith in Liberals.

Conservatives were predicting the Californian Democrats couldn't solve the budget deficit either not too long ago too.

Conservatives always make stupid predictions. We're still waiting for the massive inflation from QE2. And what ever happened to the cheering Iraqis predicted ten years ago?

Tell you what, why don't conservatives just shut the f___ up instead, and let liberals run things. California has proven what can be accomplished when conservative power is brought to an end.

 

[Toro]

Tax increases never balance budgets.

Remember that.

 

[Jroc]

Good news, California: Surplus is $2.4 billion - SFGate

Good news, California: Surplus is $2.4 billion
Melody Gutierrez
Updated 10:38 pm, Wednesday, November 20, 2013

Sacramento --

For the first time in nearly a decade, California is collecting more revenue than it is spending and will finish the fiscal year with an extra $2.4 billion, according to a report released Wednesday by the Legislature's nonpartisan budget analyst.

The good news comes after an era that saw one of the worst budget crises in California history - the fiscal shortfall sank to $60 billion in the 2009-10 budget, the state controller mailed IOUs to vendors in 2009 and state lawmakers slashed programs year after year to make ends meet.

Now, thanks to the passage of Proposition 30 last year and the improving economy, California is looking at surpluses for the next six years - even after the temporary taxes under Prop. 30 expire, according to the Legislative Analyst's Office.
==================================================

They did not have a spending problem at any point. They had a "the GOP has power" problem. Once the voters finally culled the GOP from any real power in Sacramento, the Democrats got down to governing responsibly. They now have funds to spend on education for hispanics and blacks, and services for young women who want to obtain an abortion.

The rest of the country has a lot to learn from California.

But here's what's not made up:


And California, which faced a $26 billion deficit two years ago, expects a surplus of between $1.2 billion and $4.4 billion this year, thanks to a combination of tax increases, budget cuts and an improving economy. But it could be erased if the state were to adequately finance its teachers' pension fund, which says it will need an additional $4.5 billion a year, much of it from the state, to pay the benefits it promised.

In other words, California's state government has committed to a pension fund for teachers and has ginned up a surplus by underpaying into that fund. And notice the number: $4.5 billion. That puts it at the top end of the optimistic estimate of the surplus. And, according to this New York Times article, other state governments are playing similar games

California's Phony Budget Surplus, David Henderson | EconLog | Library of Economics and Liberty

 

[MeBelle]

Good news, California: Surplus is $2.4 billion - SFGate

Good news, California: Surplus is $2.4 billion
Melody Gutierrez
Updated 10:38 pm, Wednesday, November 20, 2013

Sacramento --

For the first time in nearly a decade, California is collecting more revenue than it is spending and will finish the fiscal year with an extra $2.4 billion, according to a report released Wednesday by the Legislature's nonpartisan budget analyst.

Strange, we are closing in on the fifth month of the fiscal year, October numbers haven't been released yet

Also strange that the LAO report didn't include unfunded liabilities.
That is an incomplete report.

Oh wait! It's NOT a report, it's a projection!

 

[Jroc]

Unfunded liabilities is another way to say "bullshit". They are funded if revenues are collected. Dupe.

Tell that to the millions who put their money into the retirement system. These funds are chronically underfunded by state, choosing to divert revenues elsewhere. Actuarial requirements are one thing, collecting revenues is another.

Dems cook the books and the liberals idiots suck it up

 

[HelenaHandbag]

Tax increases never balance budgets.

Remember that.

They can't remember being in favor of the rights of the minority party before they were against them.