Why California Leads the Nation in Deficit, Debt and Out-Migration

tank

EOG Dedicated
#41
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

ANOTHER LIBERAL BIG GOVT SUCCCESS STORY :LMAO
.
No shit. We have spent over 600 Billion in Iraq for democracy. So what if the states are going broke, they love us over there and it was money well spent.
 
#43
What stimulus?

What stimulus?

California unemployment rises to record 11.5% in May

By Marc Lifsher and Alana Semuels

June 20, 2009

http://www.latimes.com/business/la-fi-california-jobless20-2009jun20,0,3863292.story

<!-- sphereit start --> Reporting from Los Angeles and Sacramento -- California's unemployment rate in May hit 11.5% -- its highest level in more than three decades -- but the pain of losing work isn't being shared equally between the sexes.

The state lost 68,900 jobs in May as unemployment rose from a revised 11.1% in April and 6.8% in May 2008. This is the highest rate since the national record-keeping system began in 1976.

Number of people receiving jobless...

Out of every four jobs lost nationwide since the recession began in December 2007, three have been lost by men.

Some experts have dubbed the phenomenon a "mancession."

In California, the gap between the two groups has been widening since the end of August. Back then, the unemployment rate over the preceding 12 months was the same for men and women, 6.3%. By May, the 12-month rate was 9.6% for men and 8.2% for women.

The result: Pressure on households that once had two earners and were relatively comfortable.

"Now there are many families in which the woman is the sole earner" and the man has been laid off or is working part-time, said Lauren Appelbaum, a UCLA researcher. The loss of the man's earnings makes it hard for once-middle-class families to make ends meet because the average female worker earns just 78% of what a man gets in a similar occupation, Appelbaum said.

Men are suffering more in this downturn because they are heavily represented in construction and manufacturing, two of California's most devastated industries. Women have gravitated toward healthcare, education, government and other service fields that have not shed as many jobs as the male-dominated sectors.

Indeed, Friday's jobs report noted that education and health services were the only parts of the economy that added jobs last month.

The loss of a father's income often leads to cancellation of health insurance for a whole family, said Heather Boushey, senior economist at the Center for American Progress, a left-leaning think tank in Washington. And with more women serving as breadwinners when their husbands are unemployed and out searching for work, it's essential that women have access to paid sick leave, she added.

Marian Lorimer is one such woman. Last year, the former stay-at-home mom snagged a job as a substitute special education teacher at a school district near her home in Camarillo. Her husband, Matt, has been looking for work for more than a year after being laid off as a warehouse manager.

"She applied and got hired, just like that," Matt Lorimer said, noting that his wife's salary helps but isn't enough to support the family.

Jon Lieber of Westlake Village also is a stay-at-home dad when he's not out looking for work. He's had trouble finding another job in the securities industry since being laid off in September. Now he perfects his spaghetti-and-meatballs recipe and grills chicken and burgers when his wife, Deborah Gallant, is busy with her consulting business.

"I spend a lot more time grocery shopping, picking my daughter up from school," he said. "It wasn't something I was doing when I was working 50 hours a week."

There could be more men in his position if the jobs picture, as is expected, gets worse before it gets better.

A trio of economic reports predicted that the upswing won't happen before early next year. Recent forecasts from the UCLA Anderson School of Management, Chapman University and Beacon Economics, a Los Angeles consulting firm, predict that unemployment in the state will peak between 12.1% and 12.8%, possibly as early as year's end.

"We believe the recession at the state level should end by mid-2010, when job creation will start," said Esmael Adibi, a Chapman economist.

But for now, California continues to bleed jobs, more so than most of the rest of the country. The national unemployment rate for May was 9.4%, and only four states had higher jobless numbers than California: Michigan at 14.1%, Oregon at 12.4% and Rhode Island and South Carolina, tied at 12.1%.

California, which has 11% of the country's workforce, accounted for 1 out of every 5 jobs lost last month. The state has been vulnerable to paralyzing inactivity in fields related to real estate, including construction, financial services and home-related retail sales.

"Until we see real estate stabilizing, which it is not, we are not going to see significant improvements in the California economy," said Sung Won Sohn, an economist at Cal State Channel Islands.

What's worse, Sohn said, is that weakness in real estate is spreading to commercial properties.

The dearth of activity in real estate, housing and construction is being felt particularly in the Inland Empire, where unemployment rose in May to 13% from 12.7% the month before. Joblessness jumped in Ventura County to 9.5% from 9.3%, and it rose in Orange County to 8.6% from 8.4%.

Other economists said they were disappointed that California's labor market, unlike that of the nation, isn't showing signs of hitting bottom.

"I was hoping that the job loss would be smaller, but it's about the same as it's been the last three months," said Howard Roth at the state Department of Finance.

:hangt:hangt:hangt:hangt:hangt:hangt
 

brucefan

EOG Dedicated
#44
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Monday, June 22, 2009

California collapsing. US Economy Next


California Collapsing

by Martin D. Weiss, Ph.D. 06-22-09

Washington and Wall Street seem to be treating California as if it were a sideshow in the financial circus of these turbulent times.

It?s not.

California is home to the largest manufacturing belt in the United States and to Silicon Valley, the nation?s largest high-tech center.

California is America?s most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India.

And it?s collapsing.

Major California counties are ground zero in the continuing mortgage meltdown:

Los Angeles County with 5.32 percent of mortgages 90 days past due ? Monterrey County, 8.02 percent ? Imperial, 8.13 ? San Bernadino, 8.66 ? Madeira, 9.21 ? San Joaquin, 9.53 ? Riverside, 10.2 ? Merced, 10.57 ? and more!

California?s inventory of foreclosed homes is skyrocketing. Home prices are plunging. And the impact of surging unemployment is just beginning to show up in the data ?

Worst Unemployment in 64 Years

The state?s unemployment rate has surged to 11.5 percent, the worst since World War II.


Last month, California lost 68,900 jobs. And since July 2007, it has lost 859,000 jobs, including 739,500 just in the past 12 months.

Even if the economy recovers, an unlikely scenario in my view, economists agree that California will continue to be slammed by layoffs, at least through the end of this year and probably well into 2010.

And even assuming a national recovery, UCLA?s Anderson Forecast projects an average unemployment rate of 12.1 percent from this fall through next spring.
What about without a national recovery? California?s jobless could go beyond 15 percent.

Worse, if you include part-time workers seeking full-time work plus workers who have given up looking entirely, it could reach 25 percent, exceeding the worst national unemployment levels of the Great Depression.


?Our wallet is empty.
Our bank is closed. And
our credit is dried up.?

These are not the words of a Dr. Doom in New York or a forlorn banker in Georgia. They represent the confession of Governor Arnold Schwarzenegger before a rare joint session of the California legislature ? and with no exaggeration!

The state faces a stunning $24.3 billion budget deficit, even assuming no significant deterioration in the economy from this point onward. And the state has lost virtually all hope of President Obama declaring, ?California is too big to fail.?

California State Treasurer Bill Lockyer tried to make that argument to Washington, and did so with great vigor. But he was rejected. After the long line-up of failed companies with hat in hand in recent months ? on the steps of Congress or the White House lawn ? some folks in government finally appear to have learned how to just say ?no.?

?You?re on your own,? is the message from the president to the governor. ?Beyond your share of the stimulus package, that?s it! No more!?

Result: The inevitability of massive state cutbacks, including large numbers of state jobs getting axed ? all while the California jobless rate is already 11.5 percent.

How many state jobs are in jeopardy? Right now, Schwarzenegger is proposing laying off 5,000 state employees, as well as slashing education and social welfare programs. But the Anderson Forecast projects that Schwarzenegger?s budget cuts will eventually result in 64,000 job cuts from state government plus countless private-sector and local government jobs.

Massive Downgrades Coming

California?s credit rating is already the lowest among all U.S. states.

But with Moody?s, S&P, and Fitch still greatly influenced by massive conflicts of interest, it?s not nearly low enough.

And sure enough, on Friday, Moody?s tacitly admitted as much, announcing that it may have to cut California?s rating by several notches in one fell swoop!

Standard & Poor?s put California on watch for a possible downgrade a few days earlier. Fitch did the same May 29.

The big problem: Once downgraded, California?s rating is likely to fall below the minimal level legally required for most money market funds, forcing these funds to dump California paper posthaste.

Moody?s wrote:
?If the Legislature does not take action quickly, the state?s cash situation will deteriorate to the point where the controller will have to delay most non-priority payments in July. ? Lack of action could result in a multi-notch downgrade.?

But lack of action is precisely what Sacramento is now becoming most famous for. In fact, in their latest scuffle, Democrats proposed a budget that would raise $2 billion from cigarette taxes and oil companies. But the governor promptly vetoed the plan. So now Sacramento is in a new, escalating battle over the deficit just weeks before the state is expected to run out of cash to meet payroll and other bills.

State officials continue to insist that a state default is unthinkable ? much like GM executives said their bankruptcy could never happen.

In my view, there is a very HIGH probability that California will default.
It?s obvious its debt merits a junk bond rating from every Wall Street rating agency.

And it?s equally obvious that the ratings agencies are artificially inflating the rating, stalling downgrades, and grossly understating the risk to investors.

My recommendations:

1. If you wait for Moody?s or S&P to act, it could be too late. Even if you can?t get what you might consider a good price, sell all California paper now!

2. Seriously consider dumping all tax-exempt bonds. I know the income is better than equivalent Treasuries. But if California defaults, it could set off a chain reaction of bond price plunges and defaults throughout the municipal bond market.

3. Don?t underestimate the impact California?s depression is having ? and will continue to have ? on the rest of the U.S. economy. At $1.8 trillion, the state?s GDP is so large, any further deterioration could wipe out every so-called ?green shoot? in the national economy seen to date.

4. Stay safe, with a big portion of your nest egg in cash, tucked away in short-term Treasury bills ? and with a very modest portion in gold, as an insurance policy against a dollar decline.

Good luck and God bless!
Martin

Link


:cheers
Here are the facts, plain and simple:
*California leads the country in spending on government employees.
*California spends twice as much as the national average on education (with dismal results).
*California spends almost $200 million per year on free college educations for illegal immigrants (no that's not a typo).
*California has the most draconian anti-business rules and regulations in the nation. That forces businesses to spend too much. The result is that California is the most costly place in America to do business (according to the Milken Institute's business cost index).
*California is heaven for trial lawyers and hell for small businesses. That could be why so many major employers have left the state (according to Investor's Business Daily).
*California has the second highest income tax rates in all of America. And it is among the nation's leaders in virtually every tax category possible- income taxes, business taxes, sales taxes, property taxes, taxes on real estate transactions, taxes on stock transactions, capital gains taxes, workers compensation taxes, the list is endless.
 
#46
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

They have no money and yet they blindly think "well we'll just have to raise taxes" instead of cutting spending like they should. I for one hope anybody and everybody who has money and can leave does so as soon as possible. Leave those degenerates to wallow in their own filth.
 
#47
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

I think that more points of view should be posted in GIANT FONT, to make real sure that anyone reading understands how important it is
 
#48
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

But when it's a really, really, REALLY important point of view, nothing alerts the forum of its enhanced importance like a decorative color choice for that GIANT FONT.
 

brucefan

EOG Dedicated
#49
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Thursday, June 25, 2009

Green Shoots? Jobless rate rises, California set for IOU's . Collapse coming?


June 25 (Bloomberg) -- The number of Americans filing claims for unemployment benefits unexpectedly rose last week, a reminder that companies will keep cutting staff even as the economy stabilizes.

Initial jobless claims rose by 15,000 to 627,000 in the week ended June 20, from a revised 612,000 the week before, the Labor Department said today in Washington. A report from the Commerce Department showed gross domestic product shrank at a 5.5 percent annual pace in the first three months of the year.
Link

LOS ANGELES/NEW YORK (Reuters)
- California's controller said on Wednesday that he would have to issue IOUs in a week if lawmakers can't quickly solve a $24 billion budget deficit, and the state's treasurer plans to tap a reserve fund to meet debt service costs.
Link

Check your state:
HERE
 

brucefan

EOG Dedicated
#50
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

June 26, 2009

PJB: California, Here We Come!

By Patrick J. Buchanan
PALM SPRINGS, Calif. ? In just a few weeks time, California hits the wall.
And Americans should take a good, long look at the fiscal and social wreck of the Golden Land, because California is at a place to which all of America is heading.
In May, when five fund-raising proposals were put on the ballot, Gov. Schwarzenegger pleaded with the overtaxed Californians not to make their state ?the poster child for dysfunction.?
As The Economist writes, ?On May 18th, they did exactly that.?
Arnold went to the White House for U.S. loan guarantees for new state bonds. But with the president?s approval rating wilting because of a belief he is spending too much, the Obama-ites slammed the door.
In Sacramento, a Republican blocking force is resisting any new tax revenue. And with the state under a constitutional mandate to balance its budget, yet facing a $24 billion deficit this July, a chainsaw is about to be taken to state government.
Some 38,000 of 168,000 state prisoners may be released. As Barack Obama is pushing universal health insurance, California will cut Medi-Cal for the poor. Education will be slashed, resulting in a shortened school year, thousands of laid-off teachers, school closings and an end to summer programs in a system that has plummeted from the nation?s best to one of its worst, as measured by dropout rates and academic achievement.
The 10 campuses of the University of California face cuts that may result in 50,000 fewer students and 5,000 fewer teachers.
What makes her fiscal crisis relevant to us all is not only that California is our most populous state, with one in eight Americans living there, but California has a gross domestic product larger than Canada?s.
Moreover, the demography of California today is the demography of America tomorrow, just as the social and fiscal policies of California in the last decade mirror those of the U.S. government today.
One-third of all U.S. wage-earners today have been amnestied from paying U.S. income taxes, as the top 1 percent haul fully 40 percent of that huge load. So, too, in California, the well-to-do and the wealthy are hammered, which is why many have quietly closed their businesses, packed and gone back over the mountains whence their fathers came.
Under George W. Bush and Obama, the U.S. government has undertaken huge new responsibilities: No Child Left Behind, Medicare prescription drug benefits, wars in Iraq and Afghanistan, the takeovers of banks and auto companies, bailouts without end and national health insurance.
California, too, spent lavishly in the fat years and issued bonds when state revenues did not cover the costs, bringing its once-sterling credit rating down to the nation?s lowest. So, too, U.S. Treasury bonds, T-bills and the American dollar are now increasingly suspect.
Demographically, California is where America will be in 2040.
White folks, who are leaving California as they did in the millions in the 1990s, are below half the population. Hispanics, their numbers surging due to legal and illegal immigration, are well over a third of the population. The African-American share of California?s population is also falling, as the Asian share is rising, again from immigration.
Los Angeles, which is what most large American cities will look like, is the most diverse city on earth. Has diversity been a strength?
In the prisons and jails, and among the scores of thousands in street gangs and the underclass, a black-brown civil war is underway.
In October 2006, the Financial Times reported the findings of the famed author of ?Bowling Alone? on what diversity has wrought:
?A bleak picture of the corrosive effects of ethnic diversity has been revealed in research by Harvard University?s Robert Putnam, one of the world?s most influential political scientists. His research shows that the more diverse a community is, the less likely its inhabitants are to trust anyone ? from their next-door neighbor to the mayor.?
?In the presence of diversity, we hunker down,? said Putnam. ?We act like turtles. The effect of diversity is worse than had been imagined. And it?s not just that we don?t trust people who are not like us. In diverse communities, we don?t trust people who do look like us.?
?Professor Putnam,? said the Financial Times, ?found trust was lowest in Los Angeles, ?the most diverse human habitation in human history.??
Richard Nixon and Ronald Reagan carried California nine times. But the state is now a fiefdom of liberalism. John McCain?s share of the vote was smaller than Barry Goldwater?s. California today believes in Big Government, open borders, diversity, multiculturalism and the politics of compassion. But what liberalism has wrought in California, its native-born are fleeing.
Still, where California is at, America is headed.
Californians who are running away from the communities and towns in which they were raised have Arizona, Idaho, Colorado, Utah and Nevada to head to. But when all of America arrives at where California is at today, where do the Americans run to?
 

brucefan

EOG Dedicated
#51
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

How to solve California's problems,..... in a nutshell


Democrat Scholar Explains Everything

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brucefan

EOG Dedicated
#52
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration




Will California become America's first failed state?


Los Angeles, 2009: California may be the eighth largest economy in the world, but its state staff are being paid in IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong?




Patients without medical insurance wait for treatment


Patients without medical insurance wait for treatment in the Forum, a music arena in Inglewood, Los Angeles. The 1,500 free places were filled by 4am.
(snippet)
California has a special place in the American psyche. It is the Golden State: a playground of the rich and famous with perfect weather. It symbolises a lifestyle of sunshine, swimming pools and the Hollywood dream factory.

But the state that was once held up as the epitome of the boundless opportunities of America has collapsed. From its politics to its economy to its environment and way of life, California is like a patient on life support. At the start of summer the state government was so deeply in debt that it began to issue IOUs instead of wages. Its unemployment rate has soared to more than 12%, the highest figure in 70 years. Desperate to pay off a crippling budget deficit, California is slashing spending in education and healthcare, laying off vast numbers of workers and forcing others to take unpaid leave. In a state made up of sprawling suburbs the collapse of the housing bubble has impoverished millions and kicked tens of thousands of families out of their homes. Its political system is locked in paralysis and the two-term rule of former movie star Arnold Schwarzenegger is seen as a disaster ? his approval ratings having sunk to levels that would make George W Bush blush. The crisis is so deep that Professor Kenneth Starr, who has written an acclaimed history of the state, recently declared: "California is on the verge of becoming the first failed state in America."
<BIG>LINK HERE</BIG>
 
#53
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

If the rich would only move away we could put the left wing experiment called california out of it's misery for good.
 

brucefan

EOG Dedicated
#54
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

ANOTHER LIBERAL BIG GOVT SUCCCESS STORY :LMAO

Saturday, June 20, 2009

Hey New York your next after California



For now, folks living in New York can watch the soap opera playing out in California from a comfortable, continent-sized distance.

But after that drama plays out, New York is next.

Smart Money: Right now, at least 47 states are facing significant shortfalls in their 2009 and/or 2010 budgets, according to the Center on Budget and Policy Priorities, a think tank in Washington, D.C. And many of those states are looking to tax hikes to help fill the gaps.

?Pretty much everyone is doing poorly,? says Kim Rueben, senior research associate at the Tax Policy Center. ?It?s just a question of who?s hurting more than others.?

The top honor goes to California, which is projecting that it will fall about $25 billion short come fiscal 2010. Taking second place is New York with a projected $17.6 billion deficit for fiscal 2010, according to the National Conference of State Legislatures, a bipartisan policy research organization in Washington, D.C.

This can't be a surprise to anyone. New York is like California. It's highly exposed to some of the worst areas of the economy. It's got a huge government apparatus, and its political system is something of a joke (see: The New York State Senate). Thank god for New Yorkers that there isn't a referendum system here, or the state would've gone bust years ago.

New York should be hoping for a California bailout, since that's their fate, too.

You can read more from the think tank here.



Monday, October 5, 2009

New York to Follow California's Collapse: Its Getting Worse


New York State is quickly becoming the next California, as tax revenues drop 36% from 2008 levels, and a dejected governor expressing his frustration with policy measures that continue to not bear fruit. As a reminder the state most reliant on the financial sector, is struggling with a $2.1 billion budget deficit that is still looming despite tax increases, federal aid and spending cuts.
We added personal income tax, which we thought would make the falloff 10 percent to 15 percent,? Paterson, a Democrat, said on CNBC today, :doh1referring to $5.2 billion in new or increased taxes. ?This is what is so frustrating. It?s still 36 percent, meaning our revenues fell more in 2009 than they did in 2008.?
Bloomberg Link
 
#55
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Cops and fireman with 10 years of tenure who work ot, if you call it work. They tend to make 110K a year, part of the problem.
 
#56
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Cops are so outnumbered by Criminals that they have to work OT. Do you have any idea how many illegals they have to arrest? Do you have any idea how many are in the prison systen. Try over half of the total prison population. If illegals are stopped trying to enter the State, maybe we would not have such a problem. Los Angeles is made up of allegedly 45% Hispanic, yet over 67% of the school children are Hispanic. Over 70% of the criminals are Hispanic Males. Does that tell you Liberal fools something? The illegals must be stopped. If this means taking them out when they illegally try to enter, so be it. Trust me, once the illegals see that the U.S. means business, the influx will stop, but the only thing these illiterates understand is death. That may sound harsh, but it is the truth. These people are nothing more than freeloaders looking for a handout. The more I can do to save my tax dollars from going to these illegals, the happier I am. When we used to pick them up for crimes that they committed, they would pretend not to understand English, but when they heard us talking about just beating the crap out of them and leaving them for immigration to pick them up, they suddenly had a very good understanding of the English Language.
 

tank

EOG Dedicated
#57
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Cops are so outnumbered by Criminals that they have to work OT. Do you have any idea how many illegals they have to arrest? Do you have any idea how many are in the prison systen. Try over half of the total prison population. If illegals are stopped trying to enter the State, maybe we would not have such a problem. Los Angeles is made up of allegedly 45% Hispanic, yet over 67% of the school children are Hispanic. Over 70% of the criminals are Hispanic Males. Does that tell you Liberal fools something? The illegals must be stopped. If this means taking them out when they illegally try to enter, so be it. Trust me, once the illegals see that the U.S. means business, the influx will stop, but the only thing these illiterates understand is death. That may sound harsh, but it is the truth. These people are nothing more than freeloaders looking for a handout. The more I can do to save my tax dollars from going to these illegals, the happier I am. When we used to pick them up for crimes that they committed, they would pretend not to understand English, but when they heard us talking about just beating the crap out of them and leaving them for immigration to pick them up, they suddenly had a very good understanding of the English Language.
That would be a good start but let's go for the people that hire them.Make them pay a huge fine so they do not do it again and if the illegals have no jobs then their is nothing for them to be here for.
 
#58
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Cops are so outnumbered by Criminals that they have to work OT. Do you have any idea how many illegals they have to arrest? Do you have any idea how many are in the prison systen. Try over half of the total prison population. If illegals are stopped trying to enter the State, maybe we would not have such a problem. Los Angeles is made up of allegedly 45% Hispanic, yet over 67% of the school children are Hispanic. Over 70% of the criminals are Hispanic Males. Does that tell you Liberal fools something? The illegals must be stopped. If this means taking them out when they illegally try to enter, so be it. Trust me, once the illegals see that the U.S. means business, the influx will stop, but the only thing these illiterates understand is death. That may sound harsh, but it is the truth. These people are nothing more than freeloaders looking for a handout. The more I can do to save my tax dollars from going to these illegals, the happier I am. When we used to pick them up for crimes that they committed, they would pretend not to understand English, but when they heard us talking about just beating the crap out of them and leaving them for immigration to pick them up, they suddenly had a very good understanding of the English Language.
Not all liberals are in favor of illegal immigration. It is just the Democratic leadership who are weak and submissive to corporate interests. Companies get workers desparate to work for minimum wage or less, while Democrats get corporate support and Hispanic votes. The Democratic party is very pro-business when it comes to economic policy, as is the Republican party.
 
#59
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Deporting Jorge Bush and Juan McCain (as Duncan Hunter said, "the Kennedy wing of the Republican party") a couple years back would have certainly helped to solve the immigration mess.
 
#60
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Cops are so outnumbered by Criminals that they have to work OT. Do you have any idea how many illegals they have to arrest? Do you have any idea how many are in the prison systen. Try over half of the total prison population. If illegals are stopped trying to enter the State, maybe we would not have such a problem. Los Angeles is made up of allegedly 45% Hispanic, yet over 67% of the school children are Hispanic. Over 70% of the criminals are Hispanic Males. Does that tell you Liberal fools something? The illegals must be stopped. If this means taking them out when they illegally try to enter, so be it. Trust me, once the illegals see that the U.S. means business, the influx will stop, but the only thing these illiterates understand is death. That may sound harsh, but it is the truth. These people are nothing more than freeloaders looking for a handout. The more I can do to save my tax dollars from going to these illegals, the happier I am. When we used to pick them up for crimes that they committed, they would pretend not to understand English, but when they heard us talking about just beating the crap out of them and leaving them for immigration to pick them up, they suddenly had a very good understanding of the English Language.
Outstanding. . .Many allegations, yet zero facts. How about some citations to sources for these ridiculous numbers, Mr. Grand Dragon? I think the entire forum knows the reason why there are no sources cited, don't we?
 

brucefan

EOG Dedicated
#61
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration




California Out of Money Again


Oct. 10 (Bloomberg) -- California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said.
Revenue in the three months ended Sept. 30 was 5.3 percent less than assumed in the $85 billion annual budget, state controller John Chiang reported yesterday. Income tax receipts led the gap, as unemployment reached 12.2 percent in August.

?The culprit here appears to be estimated quarterly personal income tax statements,? H.D. Palmer, the governor?s budget spokesman, said yesterday. ?The numbers are cause for concern, but the issue now for us is to determine if this is a one-time event or whether it has more long-term implications.?
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On Nov. 1, every paycheck earned in California will get smaller. Government Desperate
LINK HERE
 
#62
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

California budget goes 10 whole weeks before collapsing

posted at 10:12 am on October 12, 2009 by Ed Morrissey
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Over the summer, the most populous state in the US struggled to keep itself from financial collapse after a $26 billion hole opened in California?s budget. Instead of taking the painful but necessary step of steep cuts in spending in order to deal with the shortfall, the legislature cut only as far as their political allies would allow, and then relied on funding gimmicks and budget sleight-of-hand to paper over the rest of the shortfall. To the surprise of no one outside of Sacramento, it has only taken ten weeks for California to flop back into the red:
California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said.

Revenue in the three months ended Sept. 30 was 5.3 percent less than assumed in the $85 billion annual budget, state controller John Chiang reported yesterday. Income tax receipts led the gap, as unemployment reached 12.2 percent in August. ?

The latest figures show that California is facing resurgent fiscal strains brought on by the U.S. recession. Since February, Schwarzenegger and lawmakers have cut $32 billion from spending, raised taxes by $12.5 billion and covered $6 billion more with accounting gimmicks and borrowing. Even with those actions, state budget officials predict an additional $38 billion in deficits in the next three fiscal years combined, including $7.4 billion in the year starting July 1.
How did California overestimate its tax revenues for the coming year? Part of the answer is political. By overestimating income tax revenues, the legislature allowed itself to avoid further budget cuts, or for that matter, tax increases. The latter would have brought California?s overburdened taxpayers to the capital with pitchforks, torches, tar, and feathers, and the legislators know it.

California also has a structural problem in its tax system. It has grown so progressive that it relies much too heavily on investors, which makes tax revenue streams very unreliable and difficult to predict, as the Sacramento Bee?s Dan Walters writes:
We cannot continue to depend on a few thousand high-income Californians as the core of the state revenue structure. Their taxable incomes are increasingly erratic, and sooner or later, many will flee California?s high marginal tax rates to states such as Florida, Nevada or Texas that have no income taxes.

Did Tiger Woods, the first billion-dollar athlete, relocate from California to Florida because of better weather or nicer golf courses? Somehow, one doubts those were his motives. Getting his mail in Florida saves Woods millions of dollars a year.

California gets a quarter of its general fund revenues from fewer than 200,000 wealthy taxpayers whose incomes, tied to capital markets, vary greatly from year to year. That?s why California?s revenues go up and down like a yo-yo and, in turn, why the state periodically wallows in money, overspends and suffers from huge deficits as tax revenue declines.

It?s called ?volatility,? and it?s a fairly recent phenomenon. Once, sales taxes were the state?s fiscal backbone. But changes in spending patterns ? shifting from taxable goods to untaxed services ? and the progressive nature of the income tax dramatically shifted the burden to that tax, which now accounts for well over half of state revenues.
This is something to watch on the federal level as well. Under Barack Obama?s policies, less than half of all Americans will pay federal income tax, making us increasingly reliant on the wealthy, whose income varies greatly from year to year depending on their investment choices and their success.

As the actual tax base gets narrower and narrower, the volatility of income-tax revenues increase ? on top of the dampening effect that punishing capital investment creates, as we have also seen in California.

The solution? A flat-tax system would create a far more stable tax base, especially as it would tend to encourage rather than discourage investment. Schwarzenegger put together a panel to look at tax volatility and came up with a two-tiered tax system that would shift more of the burden to the middle class, which will probably be a non-starter politically.

A flat tax would be politically cleaner as well as easier to administer.

Of course, the big problem in California isn?t taxation, but spending. The state has to go back to the drawing board a mere ten weeks after falsely claiming to have solved the budget crisis. Will they finally learn the lesson?
 
#63
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

I notice nobodys rushing out of california into any red (confederate) states, only blue ones.
 
#65
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Excellent news, hopefully we will witness the complete collapse of our largest state. I see they are concentrating their efforts on the important matters - the electricity TV's use!
 
#66
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Illegals will fully destroy California as they will Arizona.

The future of these states is a dark mirror of Mexico. It is already to the point of no return, but once their numbers reach a certain level.... everything will deteriorate.

Order, structure, lines, laws.... these will all be things of the past. In nature it takes time to build things of quality, yet they can be destroyed rather quickly. This is what will happen with the Southwest.

Mexicans have a zest for crime like no other nation in Latin America. Their mentality and way of thinking is frowned upon by other Latin American nations.

Anyways, Mexico will simply be replicated in Arizona an California. It will be sheer disorder and chaos.... as is the case in most over-stuffed Latin American cities where shit is just piled on one on top of another.
 

brucefan

EOG Dedicated
#67
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Mother Of All Financial Crises Coming: California


(snippet)
We?re left with the question: what happens when California defaults?

The worst case would be the mother of all financial crises. According to the California State Treasurer?s office, California has over $68 billion in public debt, but the Sacramento Bee?s Dan Walters has tried to count total California public debt, including that of local municipalities, and his total reaches $500 billion. Whatever the amount, the impact of default could be larger than the debt amount would imply. Other states ? New York, Illinois, New Jersey, for example ? are in almost as bad shape as California, and they could follow California?s example. The realization that a state could default would shock markets every bit as much as when Lehman Brothers failed. Given the precarious state of our economy and the financial sector, another fiscal crisis would be disastrous, with impacts far beyond California?s borders.

What would a California default look like? In a sense, we?ve already seen California default, when that state issued vouchers. If any company tried that, they would be in bankruptcy court in days. Issuing vouchers didn?t trigger a California crisis because banks were willing to honor the vouchers. If banks refuse to honor the vouchers next time, employees and vendors won?t be paid, and state operations will come to a halt. This could happen if our legislature locks up and is unable to act on the current $21 billion problem.
LINK HERE


Small-business bankruptcies rise 81% in California
With credit tight and consumers still pinching their pennies, many business owners find they can't go on.

LINK HERE :doh1
 
#68
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

California - once the promised land, is now a basket case, and their brave republican gov says obama's doing a great job - I raise my glass and toast the recession - may it linger long and hard on the left coast.
 

brucefan

EOG Dedicated
#69
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Nice job Libs:shoot:



Friday, January 1, 2010

What Happens When California Defaults?


(snippet)
We?re left with the question: what happens when California defaults?

The worst case would be the mother of all financial crises. According to the California State Treasurer?s office, California has over $68 billion in public debt, but the Sacramento Bee?s Dan Walters has tried to count total California public debt, including that of local municipalities, and his total reaches $500 billion. Whatever the amount, the impact of default could be larger than the debt amount would imply. Other states ? New York, Illinois, New Jersey, for example ? are in almost as bad shape as California, and they could follow California?s example. The realization that a state could default would shock markets every bit as much as when Lehman Brothers failed. Given the precarious state of our economy and the financial sector, another fiscal crisis would be disastrous, with impacts far beyond California?s borders.

What would a California default look like? In a sense, we?ve already seen California default, when that state issued vouchers. If any company tried that, they would be in bankruptcy court in days. Issuing vouchers didn?t trigger a California crisis because banks were willing to honor the vouchers. If banks refuse to honor the vouchers next time, employees and vendors won?t be paid, and state operations will come to a halt. This could happen if our legislature locks up and is unable to act on the current $21 billion problem.

Another possible California scenario is that the State will try to sell or roll over some debt, and no one buys it. Already, we?ve seen California officials surprised with the interest rates they have had to pay. What happens if no one buys California?s debt? We saw last September what happens when lenders refuse to lend to large creditors.
LINK HERE
 
#70
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Public Employee Unions Are Sinking California

Months after closing its last budget gap, the Golden State is $20 billion in the red.
http://online.wsj.com/article/SB10001424052748703699204575017182296077118.html

By STEVEN GREENHUT

An old friend of mine has a saying, "Even the worm learns." Prod one several hundred times, he says, and it will learn to avoid the prodder. As California enters its annual budget drama, I can't help but wonder if the wisdom of the elected politicians here in the state capital equals that of the earthworm.

The state is in a precarious position, with a 12.3% unemployment rate (more than two points higher than the national average) and a budget $20 billion in the red (only months after the last budget fix closed a large deficit). Productive Californians are leaving for states with less-punishing regulatory and tax regimes. Yet so far there isn't a broad consensus to do much about those who have prodded the state into its current position: public employee unions that drive costs up and fight to block spending cuts.

Earlier this month, Gov. Arnold Schwarzenegger proposed a budget that calls for a $6.9 billion handout from Washington (unlikely to be forthcoming) and vows to protect current education funding, 40% of the state's budget.

He does want to eliminate the Calworks welfare-to-work program and enact a 5% pay cut for state employees. These are reasonable ideas, but also politically unlikely.


<cite>Associated Press</cite> Los Angeles County employees rally for a new contract.




As the Sacramento Bee's veteran columnist Dan Walters recently put it, the governor's budget is "disconnected from economic and political reality." Mr. Walters suspects what will happen next: "Most likely, [the governor] and lawmakers will, to use his own phrase, 'kick the can down the road' with some more accounting tricks and other gimmicks, and dump the mess on whoever is ill-fated to become governor a year hence."

Mr. Walters' Jan. 10 column was fittingly titled, "Schwarzenegger Reverts to Fantasy with Budget Proposal." Shortly before releasing his budget, the governor and Democratic state Senate President Pro Tem Darrell Steinberg held a self-congratulatory news conference. Mr. Steinberg used the spotlight to bemoan what he deemed to be unfair attacks on California. Mr. Schwarzenegger told a hokey story about his pet pig and pony working together to break into the dog's food. It was an example, he said, of how "last year, we here in this room did some great things working together."

Meanwhile, activists are fast at work. For example, the Bay Area Council, a moderate business organization, is pushing for a constitutional convention to reshape California's textbook-sized constitution. The council's aim is to ditch a constitutional provision that requires a two-thirds vote in the legislature to pass budgets. Other reforms being proposed include a plan to institute a part-time legislature and another plan to require legislators to pass drug tests. None of these ideas will ratchet down state spending.

To do that California needs to take on its public employee unions.

Approximately 85% of the state's 235,000 employees (not including higher education employees) are unionized. As the governor noted during his $83 billion budget roll-out, over the past decade pension costs for public employees increased 2,000%. State revenues increased only 24% over the same period. A Schwarzenegger adviser wrote in the San Jose Mercury News in the past few days that, "This year alone, $3 billion was diverted to pension costs from other programs." There are now more than 15,000 government retirees statewide who receive pensions that exceed $100,000 a year, according to the California Foundation for Fiscal Responsibility.

Many of these retirees are former police officers, firefighters, and prison guards who can retire at age 50 with a pension that equals 90% of their final year's pay. The pensions for these (and all other retirees) increase each year with inflation and are guaranteed by taxpayers forever—regardless of what happens in the economy or whether the state's pensions funds have been fully funded (which they haven't been).

A 2008 state commission pegged California's unfunded pension liability at $63.5 billion, which will be amortized over several decades. That liability, released before the precipitous drop in stock-market and real-estate values, certainly will soar.

One idea gaining traction is to create a two-tier pension system to offer lesser benefits to new employees. That's a good start, but it would still leave tens of thousands of state employees in line to receive lucrative benefits that the state must find future revenues to pay for. Another is to enact paycheck protections that require union officials to get permission from their members before spending union dues on politics (something that would undercut union power).

My hope is that these and other reforms find support in unlikely places.

Former Assembly Speaker Willie Brown, a well-known liberal voice, recently wrote this in the San Francisco Chronicle: "The deal used to be that civil servants were paid less than private sector workers in exchange for an understanding that they had job security for life. But we politicians—pushed by our friends in labor—gradually expanded pay and benefits . . . while keeping the job protections and layering on incredibly generous retirement packages. . . . [A]t some point, someone is going to have to get honest about the fact."

State Treasurer Bill Lockyer, another prominent liberal Democrat, told a legislative hearing in October that public employee pensions would "bankrupt" the state. And the chief actuary for the California Public Employees Retirement System has called the current pension situation "unsustainable."

As the state careens toward insolvency, these remarks are the first sign that some people are learning the lesson of the earthworm.

Mr. Greenhut is director of the Pacific Research Institute's journalism center and author of the new book "Plunder! How Public Employee Unions Are Raiding Treasuries, Controlling Our Lives and Bankrupting the Nation" (The Forum Press).
 

tank

EOG Dedicated
#71
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

California shortchanged on its share of federal funds

<!-- Module ends: article-header--><!-- Module starts: article-byline (ArticleByline) -->|By Russell Goldsmith<!-- Module ends: article-byline-->
<!-- Module starts: a-body-first-para (ArticleText) -->California does not receive its fair share of federal funds, and now is the time to do something about it.
Our state is facing a $16 billion fiscal emergency. Cities, counties and schools are being forced to cut important services and personnel.
Yet, for every $1 that California sends to Washington, D.C., it gets back just 79 cents. Only five states receive less.
 

BCTTWR

EOG Dedicated
#74
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Cut healthcare to all the illegal aliens. That would save Calif. billions per year.
 
#75
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

Is that fair to the other 85% of the workers there that are non union??
tank, CA is a mess from top to bottom.

I really don't have any solutions because of the entrenched political interests.

Once liberalism is institutionalized, there's no getting rid of it. You have to wait for it to collapse under it's own dead weight.

The best I can say about the once Golden State is it serves as a great example of what not to do.

 

tank

EOG Dedicated
#76
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

tank, CA is a mess from top to bottom.

I really don't have any solutions because of the entrenched political interests.

Once liberalism is institutionalized, there's no getting rid of it. You have to wait for it to collapse under it's own dead weight.

The best I can say about the once Golden State is it serves as a great example of what not to do.

When they voted in a law that made 40% of their budget that has to go to education then they are just asking for trouble.Here the state owes our school 825k and they want to raise our property taxes $160 a year to make up what the state is shorting us. I am voting no because if the state ever does pay up the property tax rate will stay the same and that extra money will just go to the teachers [who are the only ones I know of who get a 3% raise every year]Plus their are a lot of people living in sect 8 housing letting the taxpayers pay their rent while their kids get free lunches that will not have to pay any extra. I know they are all voting yes because it does not affect their pocket book one dime.They do not care and the teachers are all filling them in with a line of crap.
 

brucefan

EOG Dedicated
#78
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

:doh1And you thought it was bad now....

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1/21 CA GOP Gov Wannabe Loves Van Jones?

<EMBED src=http://www.youtube.com/v/iSn37TMXZO8&hl=en_US&fs=1&rel=0&border=1 width=445 height=364 type=application/x-shockwave-flash allowscriptaccess="always" allowfullscreen="true"></EMBED>
 

brucefan

EOG Dedicated
#79
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

California: Out of Cash By April, Again :+waving-5


SACRAMENTO ? State Controller John Chiang issued a stern warning Friday about California's cash reserves, telling legislative leaders and Gov. Arnold Schwarzenegger they must act on nearly $9 billion in budget cuts the governor is seeking by March ? or the state will run out of cash to pay its bills.

Without making those cuts ? which Chiang says will pump $1.3 billion into the state's checking account ? California would be broke by April 1, no fooling.

The state wouldn't climb back to what's considered a safe level of cash on hand, $2.5 billion, until later that month, when tax revenues are expected to begin flowing into Sacramento.
"While our current cash condition is marginally better than it was one year ago," Chiang wrote to leaders, "it is still precarious."
Even with the budget cuts, the state's cash reserve would still be far below that cushion in March and April.

To that end, Chiang is calling for an additional $2 billion in cash-flow "solutions." Looking at previous cash crunches, that could mean some payments, like income tax refunds, would be delayed for a few weeks to keep the cushion intact.

"Call it overdraft insurance," said H.D. Palmer, spokesman for the state Finance Department. He stressed that officials are still huddling over specific solutions.

If the budget gridlock lingers all the way to July, then IOUs could come back into play.

And because many budget cuts..
More Here..
 

brucefan

EOG Dedicated
#80
Re: Why California Leads the Nation in Deficit, Debt and Out-Migration

The liberal failed experiment imploding

California is So Far Gone It May Never Recover


<HR style="COLOR: #a93c3c; BACKGROUND-COLOR: #a93c3c" SIZE=1><!-- / icon and title --><!-- message -->http://www.mercurynews.com/ci_145272...e=most_emailed



Quote:
<TABLE cellSpacing=0 cellPadding=5 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">As so many are finding out, fixing this mess is getting ugly. Cities are closing parks, cutting library hours, laying off workers, and even eyeing once-untouchable positions such as police officers and firefighters.

# To close a $179 million deficit, San Diego cut police mounted patrols and some canine units, and now prohibits bonfire rings on its beaches.

# San Francisco, to save tens of millions of dollars, sent layoff notices to 15,000 city workers last week. The city plans to rehire most but shave 2.5 hours from their current workweek.

# Even officials in tiny Dorris had to cut back on some staffing and salaries last year to make their budget pencil out. Staffing is so low, the city administrator answers the main line at City Hall.

Meanwhile, the state's ongoing woes have only made things worse for everyone else.

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