Posted on 01/16/2019 6:13:26 AM PST by artichokegrower
As California Gov. Gavin Newsom announced plans for a record $144.2 billion spending plan, the State Controller quietly reported a $4.82 billion collapse of state tax revenues.
(Excerpt) Read more at americanthinker.com ...
Twenty years ago California took energy from Dominion Resources and then Jerry Clown Brown refused to pay them, and for two consecutive years my stock year statement told us of a $1 write down per share due to “giving” electricity to California; some water companies went bankrupt. Yes, California has been bleeding themselves and everyone else dry - just look at NYC and the socialist schemes to take housing from building owners, etc. Big city DNC leftists voted for Dem’s to congress to bail them out.
“And then they will come to Uncle Sugar - demanding the rest of us bail them out and subsidize their cushy lifestyle that none of us can dream of enjoying. “
So where you live, public employee pensions are not a problem? The only thing separating CA from the rest of the states is the overall size of the problem. I doubt very much if the PE unions where you live are any different than those we have here in CA. As for the Fed Gov bailing any state out, I am totally opposed to any bailout. I am waiting for the day, which is hopefully not far off, when RAT-run CA goes into the financial toilet. PE pensions are simply RAT vote buying.
Never underestimate the determination of the California Franchise Tax Board. At one point they tried to tax the pensions of those who had moved out of the state.
Well, if California would allow fracking for shale oil in the Monterrey field, and offshore drilling, then the state would have more direct tax revenue, plus lower unemployment (less benies to pay out, plus higher income tax revenue).
Oh, that’s right, we’re talking about California. Never mind.
California? This is Wisconsin calling. I’m breaking up with you!
And yes, it’s YOU and not me!
Well they’re now taxing drinking water. I wonder if they’ll go the route of Maryland and tax rainwater runoff from roofs. Maybe a sun tax?
Bkmrk
In NC public pensions are 94% funded, so y’all can kiss our grits.
Not our problem.
When U Haul reports that the ratio of outgoing rentals is 8-1 over incoming rentals for the Bay Area, you know something ain’t right.
Actually the public pension system in Indiana, while modest, is quite solvent compared to the big spending states.
With the continued influx of Illegals you can bet the rent that in another 12 years based on census numbers the majority of House Members will be from California, Illinois, New York.
When that happens expect the push to confiscate ALL private pensions or tax them at huge rates and in return another Ponzi Scheme similar to SSI will be created.
Your Million dollar + private pension will now earn you the same monthly check as Jose and Juanita get that snuck across the border last week.
No problemo.....raise taxes to 90% on follywood, let in more illegals, stop all hydrocarbon production, and confiscate all firearms from the residents...
“California’s Six-Figure Pension Club Has 60,000 Members”
https://reason.com/blog/2017/10/23/californias-six-figure-pension-club-2016
California saw what we all saw when the poo hit the fan in 2008.
Big banks ran to Congress with a butt-puckering Chicken Little tale of impending doom if they did not receive a bailout.
And despite the fact that it was widely opposed by voters on the Right AND Left, Congress gave them a bailout.
So when anybody else goes to Washington and does the same they will get one too. Take it to the bank.
But that’s my point: NYS, CA, IL plan on sticking the rest of the nation with the bill. If that’s allowed to happen, it won’t matter where you live. The other states’ taxpayers will still get screwed.
President Trump would veto any such legislation in a heartbeat.
L
Wisconsin has fully funded pensions, too.
However, we just got a new ‘Rat Governor, so don’t hold your breath. Every DOLLAR belongs to ‘Rats when they’re in power, don’t ya know? ;)
*SPIT*
Unfortunately, he can still be overridden.
NYS will tell Uncle Sugar to pay up.”””
NY already got bailed out by the Feds some years ago when they declared bankruptcy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.