i take it all their pensions are fully funded now, all is well and they don't owe a dime to anybody for anything... no?Original Article references here:
http://www.nytimes.com/2013/05/26/us/californias-new-problem-too-much-money.html?pagewanted=all
TITLE: California Faces a New Quandary, Too Much Money
They’ll manage to spend this one-shot windfall and more in short order with projects such as the bullet train to nowhere.
I guess a “rainy day fund” is beyond their comprehension?
No wonder Pelosi, Boehner has smiles on there faces. Liberals and rinos can’t wait to get their hands on it.
"Projected Revenue" is NOT "money".
i take it all their pensions are fully funded now, all is well and they don't owe a dime to anybody for anything... no?I guess they could pay down debt or get rid of needless pension obligations but then that’s hardly a liberal cause....wouldn’t buy many votes either.
Not that it matters.
“Projected” revenue is not revenue at all.
Ah. In other words, this is a one-time windfall.
If it materializes.
Jerry Brown hired a new CPA and pulled a rabbit out of the hat.
They'll go bankrupt before establishing a rainy day fund, to be sure.
Somehow projected revenue in California does not seem to turn into realized revenue and in any event is spent several times over before it is not realized.
Fear not. CA democrats will spend it as fast as it comes in.
Depending on who’s counting. Yep perks to ensue.
They’ll wind up pre-spending this projected windfall and fall further into the debt hole when it doesn’t materialize or fall short of the expectations.
BWAH-HAHAHA!!! “Projected”!!
The last time CA had a Democratic governor, he was 5 months into the fiscal year before he ealized the state was running a 25+% deficit, and he saw “no way” to cut spending, so he was going to raise taxes to close the gap. That would have been a 33+% tax increase during a recession. He suffered Total Recall as a result. And now this loon “projects” a $1-$4B surplus? HE IS LYING. I “project” a deficit by the end of the FY.
I was walking down a street in Sacramento when I saw a guy who looked a lot like Jerry Brown sitting behind a folding table. There was a sign taped to the front of the table that read “MAGIC MONEY CHANGING MACHINE!”. I stopped to see what it was all about. There was a metal box with a small hand-crank on the side sitting on the table. The guy said, “Watch this my friend!”. He stuck a $1 bill into the side of the machine and started cranking. The bill went into the machine and, believe it or not, a $5 bill came out the other side! He did that three or four times. He told me that his name was “Honest Jerry” and that he had built this machine that could turn $1 bills into $5 bills. Well, I know a good deal when I see one, so I asked him how much he wanted for that machine. He told me, “I’m a friend of the people so all I want is what it cost me to make this wonderful machine. It’s yours for only $500.” I did some quick math in my head, and realized that it wouldn’t take me long to recover $500 using this machine. I bought it. Honest Jerry shook my hand and thanked me. He said he had to be going as the fat cat bankers were after him because his machine would put them out of business. I went home and put my first dollar bill into the side of the machine. I cranked it and out came a five dollar bill! I put in another dollar bill and cranked. Nothing came out. I tried again. Nothing. I guess the fat cat bankers must have put a hex on it. I saw Honest Jerry a few years later. He was selling the same kind of machine, but this one would turn dollar bills into twenty dollar bills! He sold me the San Fracisco franchise rights for $10,000. I’m pretty sure I’ll be rich in a couple months.
Projected income. That’s like a farmer who raises chickens counts the eggs his chickens lay as new livestock without the eggs even being candled then goes to his bank for a loan or trys to insure them. Then gets rejected by both the bank and the insurance company.
It’s still “somebody elses money”. It’s stolen.