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California’s economy is easily great enough to afford reasonable pensions for all of those workers that have built and maintain the infrastructure that enables that very economy to be the eight largest in the entire world (let alone by far the largest in the US).
And that economy due to a large revival of the aerospace industry, an equally large increase in the “Green” industries (in such hot beds of entrepreneurship such as Silicon Valley), and now even a large increase in the oil drilling industry, is only going to get better, despite what the ultra conservatives on here say about it!
I can appreciate your optimism about California, but the numbers involved in the pensions should probably temper that optimism somewhat. Of the examples you gave, the only thing I see that has the financial mass to cure California’s financial problems is it’s tar/oil sands and who knows how long the “Greenies” will use the courts to prevent those sands from being exploited. I also look for the “Greenies” to push environmental legislation that would make it economically unrealistic to exploit those sands. Additionally, I would expect the “Greenies” to push for a ballot initiative to prevent those sands’ exploitation. ♦ As for your other two examples (and I have absolutely no basis for the following) I expect they will have a very significant effect on their respective local economies and tax bases but will not be of such significance on the state’s because of the relative sizes of the examples as opposed to the needs of the state. ♦ I hope you don’t consider me an ultra-conservative. I’m far, far to pragmatic for that.
45 states, including Texas, have a constitutional citation concerning a balanced budget requirement, and four states that have a statutory requirement. Vermont is the only state with neither. The information comes from the legislative fiscal staff in each state.
some perspective
http://helenavigilante.com/archives/3869
“Forty-nine states have some kind of balanced-budget amendment or statute and yet all but eight were in the red at the end of the fiscal year”
And it looks like the republican run states (mostly) are “projecting” budget surplus. Those Democrat states projecting surplus have a very high tax rate. Just an observation.
Robert, now seriously. I live in Southern California. I love the place, but you must be drinking some of “Moonbeam’s” special Kool-Aid. This economy is drowning in debt and the unions sit with the legislature when they are “crafting” the budgets to make sure they are first at the feeding trough. Now that we have a liberal super majority in Sacramento it should really get interesting.
“Additionally, I would expect the “Greenies” to push for a ballot initiative to prevent those sands’ exploitation.”
Yes, it’s called ruling by “propositions.” We have tax increases (2 of them) kicked in from the last election on propositions. You are correct about the oil industry, the state barely tolerates them and does all they can to tax and regulate them to death at every opportunity. The regulation and tax environment for business has become so onerous that businesses are moving in large numbers to Texas, Arizona and Nevada.
There is a constant discussion to eliminate the property tax base established here years ago and if they succeed that will be the straw that pushed this camel out of the state.
During my college days learning accounting, I had to take a class in “governmental/fund accounting.” I remember a comment my instructor made when I expressed my frustration and confusion on the fundamental structure of the process. In effect she told me to “quit thinking in normal accounting and logical terms because this was a process of exceptions and you just had to learn/memorize it and execute it by rote.”
I’m not a rocket scientist but I aced most classes in my major (accounting, tax, law, finance). I got a C+ in that class because I just couldn’t wrap my head around such a convoluted, confusing process.
Mix a snifter of Bill Mauldin, a dash of Jeff McNelly and a very large dollop of common sense, and you begin to get an idea of Lisa Benson’s considerable talent.
Clay Bennett by Clay Bennett
Steve Benson by Steve Benson
Comments (38) (Please sign in to comment)
mikefive said, 4 months ago
California, Illinois, et al?
Robert Landers said, 4 months ago
@mikefive
California’s economy is easily great enough to afford reasonable pensions for all of those workers that have built and maintain the infrastructure that enables that very economy to be the eight largest in the entire world (let alone by far the largest in the US).
And that economy due to a large revival of the aerospace industry, an equally large increase in the “Green” industries (in such hot beds of entrepreneurship such as Silicon Valley), and now even a large increase in the oil drilling industry, is only going to get better, despite what the ultra conservatives on here say about it!
I Play One On TV said, 4 months ago
@ScottPM
Does any state or locality in the US have a balanced budget at this time? Anyone? I know of none.
mikefive said, 4 months ago
@Robert Landers
I can appreciate your optimism about California, but the numbers involved in the pensions should probably temper that optimism somewhat. Of the examples you gave, the only thing I see that has the financial mass to cure California’s financial problems is it’s tar/oil sands and who knows how long the “Greenies” will use the courts to prevent those sands from being exploited. I also look for the “Greenies” to push environmental legislation that would make it economically unrealistic to exploit those sands. Additionally, I would expect the “Greenies” to push for a ballot initiative to prevent those sands’ exploitation.
♦
As for your other two examples (and I have absolutely no basis for the following) I expect they will have a very significant effect on their respective local economies and tax bases but will not be of such significance on the state’s because of the relative sizes of the examples as opposed to the needs of the state.
♦
I hope you don’t consider me an ultra-conservative. I’m far, far to pragmatic for that.
ronald rini
said, 4 months ago
thats the problem the people that make the laws and should balance the budget are the ones getting the pension money,
Bruce4671 said, 4 months ago
@I Play One On TV
45 states, including Texas, have a constitutional citation concerning a balanced budget requirement, and four states that have a statutory requirement. Vermont is the only state with neither. The information comes from the legislative fiscal staff in each state.
some perspective
http://helenavigilante.com/archives/3869
“Forty-nine states have some kind of balanced-budget amendment or statute and yet all but eight were in the red at the end of the fiscal year”
Budget surplus for 2012? Well some say….
http://www.businessinsider.com/27-states-project-budget-surplus-by-the-end-of-the-year-2012-6
compare the red/blue state maps here
https://en.wikipedia.org/wiki/Red_states_and_blue_states
And it looks like the republican run states (mostly) are “projecting” budget surplus. Those Democrat states projecting surplus have a very high tax rate. Just an observation.
Incredulous said, 4 months ago
@I Play One On TV
Actually, they all do. Just check out their CAFR and you’ll find all kinds of money not reported on the official budget.
Here’s California’s for 2011
http://www.sco.ca.gov/Files-ARD/CAFR/cafr11web.pdfin pdf
For one analysis:
http://realitybloger.wordpress.com/2012/05/25/california-government-hides-billions-from-taxpayers/
Ms. Ima said, 4 months ago
Come on, blame conservatives for California’s problems. What’s wrong with you libs? Back on your meds?
mickey1339
said, 4 months ago
@Robert Landers
“California’s economy”
Robert, now seriously. I live in Southern California. I love the place, but you must be drinking some of “Moonbeam’s” special Kool-Aid. This economy is drowning in debt and the unions sit with the legislature when they are “crafting” the budgets to make sure they are first at the feeding trough. Now that we have a liberal super majority in Sacramento it should really get interesting.
mickey1339
said, 4 months ago
@mikefive
“Additionally, I would expect the “Greenies” to push for a ballot initiative to prevent those sands’ exploitation.”
Yes, it’s called ruling by “propositions.” We have tax increases (2 of them) kicked in from the last election on propositions. You are correct about the oil industry, the state barely tolerates them and does all they can to tax and regulate them to death at every opportunity. The regulation and tax environment for business has become so onerous that businesses are moving in large numbers to Texas, Arizona and Nevada.
There is a constant discussion to eliminate the property tax base established here years ago and if they succeed that will be the straw that pushed this camel out of the state.
josefw
said, 4 months ago
@I Play One On TV
Yes, Wisconsin, thanks to Gov Walker.
mickey1339
said, 4 months ago
@Incredulous
“CAFR report.”
During my college days learning accounting, I had to take a class in “governmental/fund accounting.” I remember a comment my instructor made when I expressed my frustration and confusion on the fundamental structure of the process. In effect she told me to “quit thinking in normal accounting and logical terms because this was a process of exceptions and you just had to learn/memorize it and execute it by rote.”
I’m not a rocket scientist but I aced most classes in my major (accounting, tax, law, finance). I got a C+ in that class because I just couldn’t wrap my head around such a convoluted, confusing process.
rvernon said, 4 months ago
@ScottPM
What are you all (and Lisa) talking about? CA balanced its budget. It was all over the news last week, or the week before.
ahab
said, 4 months ago
@HOWGOZIT
Try going to the LAtimes. Read it, it’s so easy!
4my10851cs said, 4 months ago
@rvernon
they balance it by claiming they will get more income than what they want to spend.