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1 posted on 01/11/2013 8:23:30 AM PST by SeekAndFind
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To: SeekAndFind

I suppose I’m ignorant on why politicians were ever allowed with getting away with predicting revenue income and basing a budget on that. I think it should be constitutionally mandated that they can only spend the money that they have ALREADY collected from the previous year. It would be difficult to run a deficit if that were the case.


32 posted on 01/11/2013 9:51:58 AM PST by Brett66 (Where government advances, and it advances relentlessly , freedom is imperiled -Janice Rogers Brown)
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To: SeekAndFind

One minor problem with this scenario

Unfunded Pension Obligations Threaten Budget Funding for Core Priorities

Independent experts agree that California’s unfunded public employee pension obligations are becoming more and more of a budget problem - both for state and local governments.

Many recent, nonpartisan studies have illustrated just a how big a problem unfunded public employee pension obligations have become, though estimates of the scope of the problem vary.

As of June 30, 2009, the California Public Employees Retirement System (CalPERS) reported that its unfunded actuarial accrued liabilities in its main pension fund for state and local governments was over $49 billion-consisting of about $23 billion for the state and $26 billion for other public agenciesi

Showing a bigger problem, a report by the bipartisan Little Hoover Commission found that the top 10 public employee pension systems in California - including plans for both state and local government workers - faced a combined $240 billion shortfall as of 2010.

A study by the Stanford Institute for Economic Policy Research more recently pegged the combined total unfunded pension liabilities of CalPERS, the California State Teachers Retirement System (CalSTRS) and the University of California retirement plan at $485 billion.


33 posted on 01/11/2013 10:00:48 AM PST by artichokegrower
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To: SeekAndFind
I assume this is based on the usual rosey scenario of increased tax revenues due to Issue 30. I hope Mr Moonbeam is not too rudely disappointed when the numbers start to come in.
36 posted on 01/11/2013 10:43:44 AM PST by hinckley buzzard
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To: SeekAndFind

Huh?

Whud hawppend?


37 posted on 01/11/2013 10:45:16 AM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: SeekAndFind

I project that I am going to win the lottery this year.


40 posted on 01/13/2013 3:25:47 PM PST by Private_Sector_Does_It_Better (I AM ANDREW BREITBART)
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To: SeekAndFind
For years the state's leaders have tackled budget deficits with... accounting gimmicks.

Yeah, rearranging numbers on paper ALWAYS fixes things!

41 posted on 01/13/2013 3:30:23 PM PST by Teacher317 ('Tis time to fear when tyrants seem to kiss.)
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