California may seek Treasury financing

[Dinner]

Originally posted by SlowwHand
Excuse me? What's the difference? They can't manage their finances for crap.

I blame Reagan. He and his ilk were the ones who "reformed" the state budget laws making it almost impossible to cut anything or raise taxes on anything. It's a recipe for disaster.

The man is dead but his legency of populist but really bad government remains. The whole world would be better off if he remained a 3rd rate actor.

[SlowwHand]

Originally posted by Comrade Snuggles
Considering that California contributes more to the Federal treasury than any other state, and probably subsidized the entire South on its own, I think they have a right to ask the Feds for some of their money back.

Bring some documented facts to the discussion, and leave your wild imagination out of it. Just do me that one favor.
If California has been paying the bill for Texas, I'll kiss your ass.

[DinoDoc]

Originally posted by Oerdin


I blame Reagan.

I blame CA voters who keep voting to explode your budget.

[Aeson]

No longer any need to fix your messes boys... let the good times roll!

[chequita guevara]

Originally posted by SlowwHand


Bring some documented facts to the discussion, and leave your wild imagination out of it. Just do me that one favor.
If California has been paying the bill for Texas, I'll kiss your ass.

No you won't Every time you get confronted with documented facts, you ignore them.

[Kidlicious]

Originally posted by DinoDoc
I blame CA voters who keep voting to explode your budget.

It's not as high as you probably think, speaking on a per capita basis.

[Zkribbler]

Originally posted by Oerdin


I blame Reagan. He and his ilk were the ones who "reformed" the state budget laws making it almost impossible to cut anything or raise taxes on anything. It's a recipe for disaster.

Although not directly. What Reagan did was to balance the state budget by reorganizing government to bring revenue-creating agencies under control of the state while pushing revenue-spending agencies down to the county level. County governments then had to raise the only tax they had -- property taxes -- to pay for their new expenditures. The increase in property taxes triggered the Prop.-13 revolt, which keeps property taxes artificially low and which added the 2/3 requirments to raise taxes and to pass a budget.

[Dinner]

Texas is a net donor state but it at least gets $0.94 of every $1 in Federal taxes back. Georgia is also a net donor state but still gets $0.96 of every $1 in Federal taxes back but the rest of the south are a bunch of screaming welfare cases. Big blue states like New York ($0.79), California ($0.79), Illinois ($0.73), Colorado ($0.73), and Minnisota ($0.69) really get screwed.

We end up paying the most in Federal taxes while our "it's our money!!!11!1" red states end up receiving huge Federal subsidies because they suck so bad. Some states virtually receive twice the money they send in taxes.

http://www.taxfoundation.org/files/sr139.pdf

[DinoDoc]

Zk: Any chance of requiring tax increases to be included in the language of the projects your idiot voters keep voting for via initiative? That would probably cut down on the number that get passed.

[Kidlicious]

Doesn't DD live in Alabama (1.71)?

Welfare state

[Zkribbler]

Originally posted by DinoDoc
Zk: Any chance of requiring tax increases to be included in the language of the projects your idiot voters keep voting for via initiative? That would probably cut down on the number that get passed.

That would require either (a) a constitutional amendment or (b) our voters realizing they can't get something for nothing.

[Dinner]

Originally posted by Kidicious


None of the states can manage their finances in a recession for crap. That's because they can't borrow as well as the federal government can. Lack of the ability of state government to finance their state in a recession leads to worse recessions.

California is especially vulnerable to economic recessions though because the right wingers got prop 13 passed which severely limited property taxes making the state more dependent on income taxes then ever before. Not surprisingly income goes down in a recession as does income tax receipts causing a budget crisis. One which the state government is institutionally unable to solve due to the 2/3rds requirement to cut anything or increase any taxes.

[DinoDoc]

Originally posted by Kidicious
Doesn't DD live in Alabama (1.71)?

Try again. It's in that area of the country.

[Dinner]

Mississippi, Alabama... It's all dumb****astan.

[Kidlicious]

Originally posted by DinoDoc
Try again. It's in that area of the country.

MISS (1.77)?