California proceeding on bankrupting the state

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guno said:
State-GDP-Per-Capita-1.png


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Used to be. Your chart is horribly out of date.
 
guno said:
2022-According to Bloomberg, California is poised to overtake Germany as the world’s 4th largest economy, continuing to outperform the nation and other countries in GDP growth, companies’ market value, renewable energy and more.
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Fiction.
 
California has the biggest budget surplus that any US state has ever had, at $300 billion, so as far as one can be from being bankrupt.
 
Walt said:
California has the biggest budget surplus that any US state has ever had, at $300 billion, so as far as one can be from being bankrupt.
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California's largest spending areas per capita were public welfare ($3,466) and elementary and secondary education ($2,452). The Census Bureau includes most Medicaid spending in public welfare but also allocates some of it to public hospitals.


Remember that budget surplus? Never mind - CalMattershttps://calmatters.org › commentary › 2022/11 › reme...
Nov 21, 2022 — California's projected $97.5 billion budget surplus has failed to materialize and the state now faces at least a $25 billion deficit that ...
 
Walt said:
California has the biggest budget surplus that any US state has ever had, at $300 billion, so as far as one can be from being bankrupt.
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California is not a State of the Union. I call it the SDTC now (Socialist Dictatorship of the Territory of California).

It's already going bankrupt.

Making up numbers won't save you.
 
T. A. Gardner said:
Seems like California is dead set on handing piles of cash out to people the state claims were dispossessed, etc., in the form of "reparations."

The state of Confusion has hired a panel of 5 woke economists, some of whom have been the most strident in calling for reparations (and unsurprisingly likely to get theirs from this too) who will somehow (psychically?) figure out how much loot goes to each person determined to have been dispossessed in some way...

The five ultra-woke economists who'll decide Californian reparations: Policy expert who wants $14 TRILLION to be paid across US, professor who says 'economics is racist' and couple claim Native Americans 'are irrelevant' for payouts
https://www.dailymail.co.uk/news/ar...ists-decide-Californians-pay-reparations.html

'America is a racist country': Who's Who of Newsom's nine-person 'radical' reparations board that believes capitalism to be racist and wants to pay EVERY African American slave descendant $223k
https://www.dailymail.co.uk/news/ar...Newsoms-reparations-committee-slammed-US.html

Economists must remove racial biases from their profession, AFL-CIO chief economist says
https://www.cnbc.com/2020/07/24/afl...william-spriggs-racial-bias-in-economics.html

California is in for a rough ride if the state has to pay out tens, possibly hundreds of billions, for this farce. I suppose they'll try and raise taxes through the rafters on "The Rich" and corporations to pay for it. That should tank the economy there PDQ...
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Indeed.

Excellent.
 
Into the Night said:
California is not a State of the Union. I call it the SDTC now (Socialist Dictatorship of the Territory of California).

It's already going bankrupt.

Making up numbers won't save you.
Click to expand...

Indeed.

Nov. 16, 2022, in Sacramento, Calif. California's state budget might be facing a deficit of $25 billion next year in what could be the state's weakest performance since the Great Recession, according to a report by the nonpartisan Legislative Analyst's Office released on Wednesday.Nov 16, 2022
 
Walt said:
You have your strong opinions, and we have to take them into consideration when we judge your posts.
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You have your wrong opinions and we have to take them into consideration when we judge your posts.

Into the Night is one of the most accurate posters on this forum.
 
guno said:
2022-According to Bloomberg, California is poised to overtake Germany as the world’s 4th largest economy, continuing to outperform the nation and other countries in GDP growth, companies’ market value, renewable energy and more.
Click to expand...

Walt said:
California has the biggest budget surplus that any US state has ever had, at $300 billion, so as far as one can be from being bankrupt.
Click to expand...

More bullshit, it was projected to be actually less than 100 billion and that will turn to deficit soon enough.

While California has a surplus of critical issues demanding political attention – housing, homelessness and water to mention the most obvious – it faces a deficit of financial resources to deal with them.

Gov. Gavin Newsom will soon reveal a proposed budget for the 2023-24 fiscal year that begins July 1, and it’s likely to greatly differ from the 2022-23 version he and the Legislature adopted just six months ago.

The current budget reflected what Newsom said would be a massive surplus, thanks mostly to a flood of tax revenues from high-income Californians who were enjoying big gains on their investments.

Pegging the surplus at $97.5 billion, Newsom bragged that “no other state in American history has ever experienced a surplus as large as this.”

He and the Legislature enacted a $300-plus billion budget that committed much of the supposed surplus to expanding an array of social and educational services, including what he said was achieving universal health care by extending coverage to all undocumented immigrants.

Just a few weeks later, however, Newsom began acknowledging that the surplus might not be as large as he had boasted. He vetoed a number of spending bills, citing indications that a recession might be on the horizon.

In November, the Legislature’s budget analyst, Gabe Patek, made the reversal of fortune official in his annual report on the state’s finances, saying the healthy surplus that Newsom projected is really a “$24 billion budget problem.”

“The budget problem is mainly attributable to lower revenue estimates, which are lower than budget act projections from 2021‑22 through 2023‑24 by $41 billion,” Patek said, stressing that the deficit would occur even if there’s no recession but would become worse if the economy does, indeed, “turn sour.”

Whether the nation is headed for recession is a much-debated question. The Federal Reserve System has hiked interest rates sharply in hopes of cooling off the economy and lowering a soaring inflation rate. While it hopes for a “soft landing,” some economists believe that it could become a full-blown recession.

California’s budget is particularly sensitive to larger economic currents because it is inordinately dependent on taxing incomes of a relative few wealthy Californians. Income taxes are three-quarters of the state’s general fund revenues and 1% of taxpayers generate nearly half of those taxes.

“Based on historical experience, should a recession occur soon, revenues could be $30 billion to $50 billion below our revenue outlook in the budget window,” Patek said. Because of the looming threat of recession, Patek urged the Legislature to adopt a very conservative approach to the 2023-24 budget, balancing it without relying on the state’s reserves.

It’s good advice, but will the Legislature heed it? Backpedaling is a hard sell in a Legislature dominated by left-leaning Democrats and allies in advocacy groups that had been elated by the budget’s provisions.

https://www.dailynews.com/2023/01/02/how-will-california-deal-with-a-big-budget-deficit/
 
Earl said:
You have your wrong opinions and we have to take them into consideration when we judge your posts.

Into the Night is one of the most accurate posters on this forum.
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Really? You are willing to stake your reputation on the reputation of Night? Really?

Well, OK, that is fine with me. Earl's reputation is now connected to Night's in my book. I consider Night to be a complete joke...
 
Walt said:
Really? You are willing to stake your reputation on the reputation of Night? Really?

Well, OK, that is fine with me. Earl's reputation is now connected to Night's in my book. I consider Night to be a complete joke...
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I consider you to be a complete joke.

My reputation is mine and not connected to anyone.

You lost all credibility long ago with your lies and inaccuracies.
 
serendipity said:
More bullshit, it was projected to be actually less than 100 billion and that will turn to deficit soon enough.

While California has a surplus of critical issues demanding political attention – housing, homelessness and water to mention the most obvious – it faces a deficit of financial resources to deal with them.

Gov. Gavin Newsom will soon reveal a proposed budget for the 2023-24 fiscal year that begins July 1, and it’s likely to greatly differ from the 2022-23 version he and the Legislature adopted just six months ago.

The current budget reflected what Newsom said would be a massive surplus, thanks mostly to a flood of tax revenues from high-income Californians who were enjoying big gains on their investments.

Pegging the surplus at $97.5 billion, Newsom bragged that “no other state in American history has ever experienced a surplus as large as this.”

He and the Legislature enacted a $300-plus billion budget that committed much of the supposed surplus to expanding an array of social and educational services, including what he said was achieving universal health care by extending coverage to all undocumented immigrants.

Just a few weeks later, however, Newsom began acknowledging that the surplus might not be as large as he had boasted. He vetoed a number of spending bills, citing indications that a recession might be on the horizon.

In November, the Legislature’s budget analyst, Gabe Patek, made the reversal of fortune official in his annual report on the state’s finances, saying the healthy surplus that Newsom projected is really a “$24 billion budget problem.”

“The budget problem is mainly attributable to lower revenue estimates, which are lower than budget act projections from 2021‑22 through 2023‑24 by $41 billion,” Patek said, stressing that the deficit would occur even if there’s no recession but would become worse if the economy does, indeed, “turn sour.”

Whether the nation is headed for recession is a much-debated question. The Federal Reserve System has hiked interest rates sharply in hopes of cooling off the economy and lowering a soaring inflation rate. While it hopes for a “soft landing,” some economists believe that it could become a full-blown recession.

California’s budget is particularly sensitive to larger economic currents because it is inordinately dependent on taxing incomes of a relative few wealthy Californians. Income taxes are three-quarters of the state’s general fund revenues and 1% of taxpayers generate nearly half of those taxes.

“Based on historical experience, should a recession occur soon, revenues could be $30 billion to $50 billion below our revenue outlook in the budget window,” Patek said. Because of the looming threat of recession, Patek urged the Legislature to adopt a very conservative approach to the 2023-24 budget, balancing it without relying on the state’s reserves.

It’s good advice, but will the Legislature heed it? Backpedaling is a hard sell in a Legislature dominated by left-leaning Democrats and allies in advocacy groups that had been elated by the budget’s provisions.

https://www.dailynews.com/2023/01/02/how-will-california-deal-with-a-big-budget-deficit/
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Excellent.
 
Earl said:
I consider you to be a complete joke.

My reputation is mine and not connected to anyone.

You lost all credibility long ago with your lies and inaccuracies.
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You said the guy who claims that the National Guard is completely not under the command of the governors is "is one of the most accurate posters on this forum." I just feel bad for you right now.
 
Walt said:
You said the guy who claims that the National Guard is completely not under the command of the governors is "is one of the most accurate posters on this forum." I just feel bad for you right now.
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You claim to run 18-20 companies while posting nearly 24,000 posts in 3 years.

Do you really believe that anyone believes this BS?

You claimed that President Trump had not filed a Federal Financial Report and that presidential candidates don't have to file one.

Both are wrong.

I just feel bad for you right now.
 
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