Sign in to follow this  
badlatitude

Jerry Brown's Legacy: A $6.1 Billion Budget Surplus In California

Recommended Posts

"California Gov. Jerry Brown appears poised to exit office next year with a top political priority in hand: free from the massive budget deficits that had weighed on his predecessors. 

Buoyed by tax increases passed under his administration and a strong economy, Mr. Brown said Wednesday that the state is projecting a $6.1 billion surplus for the next fiscal year, which begins July 1. 

The governor proposed socking most of the money away in a rainy-day fund whose creation he pushed for in 2014. Nearly 70% of the state’s projected revenue of about $135 billion next fiscal year is derived from personal income taxes, according to the governor’s office. 

The state’s fiscal health is especially crucial as it faces myriad challenges: record natural disasters, housing shortages and changes to federal tax regulation—all while it ramps up opposition to the Trump administration on several major policy fronts. Mr. Brown took office in 2011 with a $27 billion deficit and drastically slashed spending. In 2012, he staked his governorship on a tax increase that voters approved that year and reauthorized in 2016."

  https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billion-budget-surplus-in-california-1515624022?mg=prod/accounts-wsj

Share this post


Link to post
Share on other sites
2 minutes ago, badlatitude said:

"California Gov. Jerry Brown appears poised to exit office next year with a top political priority in hand: free from the massive budget deficits that had weighed on his predecessors. 

Buoyed by tax increases passed under his administration and a strong economy, Mr. Brown said Wednesday that the state is projecting a $6.1 billion surplus for the next fiscal year, which begins July 1. 

The governor proposed socking most of the money away in a rainy-day fund whose creation he pushed for in 2014. Nearly 70% of the state’s projected revenue of about $135 billion next fiscal year is derived from personal income taxes, according to the governor’s office. 

The state’s fiscal health is especially crucial as it faces myriad challenges: record natural disasters, housing shortages and changes to federal tax regulation—all while it ramps up opposition to the Trump administration on several major policy fronts. Mr. Brown took office in 2011 with a $27 billion deficit and drastically slashed spending. In 2012, he staked his governorship on a tax increase that voters approved that year and reauthorized in 2016."

  https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billion-budget-surplus-in-california-1515624022?mg=prod/accounts-wsj

But, but, but....."Tax and spend, spend, spend!!!!", and "Moonbeam" and "welfare state"....

Sort of like Bill Clinton did, but then Bush had to go and NOT pay for his wars.  

Share this post


Link to post
Share on other sites
9 minutes ago, By the lee said:

Yeah but the mofo's still gonna' drain the Sacramento and kill the salmon to benefit big ag in the valley.

So he's still an asshole.

https://www.counterpunch.org/search-results/?cx=000357264939014560440%3Aicshsy4bfu0&ie=UTF-8&q=jerry+brown

Someone is going to have to explain to me how a Delta tunnel is going to affect the salmon in the Klamath river 300 miles away.

Share this post


Link to post
Share on other sites

Hmmmmm......oppps

https://www.forbes.com/sites/patrickgleason/2016/07/26/camyth/#2b942e947113

" However, California’s finances are only in order if one ignores the trillion-dollar gorilla in the room, which is the state’s gigantic unfunded pension liability for which taxpayers are on the hook."

IMG_7800.PNG

  • Like 1

Share this post


Link to post
Share on other sites
15 minutes ago, slug zitski said:

Hmmmmm......oppps

https://www.forbes.com/sites/patrickgleason/2016/07/26/camyth/#2b942e947113

" However, California’s finances are only in order if one ignores the trillion-dollar gorilla in the room, which is the state’s gigantic unfunded pension liability for which taxpayers are on the hook."

IMG_7800.PNG

Just like the post office, it gives you something to cry about. Until it becomes a problem it isn't a problem.

Share this post


Link to post
Share on other sites

 ONE TRILLION DOLLARS........

Anybody got a pic of Dr. Evil?

  • Downvote 1

Share this post


Link to post
Share on other sites
1 hour ago, slug zitski said:

Hmmmmm......oppps

https://www.forbes.com/sites/patrickgleason/2016/07/26/camyth/#2b942e947113

" However, California’s finances are only in order if one ignores the trillion-dollar gorilla in the room, which is the state’s gigantic unfunded pension liability for which taxpayers are on the hook."

 

Meh, there are 40 million people in CA, that only works out to a debt of 25,000 each.

Share this post


Link to post
Share on other sites
58 minutes ago, badlatitude said:

Until it becomes a problem it isn't a problem.

 

great ethics right there

pers is going to be hosed. it's not an "IF" but "WHEN" question and sticking your head in the sand to it won't help

  • Like 1

Share this post


Link to post
Share on other sites
3 minutes ago, Saorsa said:

Meh, there are 40 million people in CA, that only works out to a debt of 25,000 each.

Compared to the federal deficit it's almost paltry.

Share this post


Link to post
Share on other sites
4 minutes ago, aA said:

 

great ethics right there

pers is going to be hosed. it's not an "IF" but "WHEN" question and sticking your head in the sand to it won't help

CalPERS is already cutting pensions and benefits, it has reduced the rate of return to 7%, it may be a rough road, but as long as California can continue creating large surpluses, there isn't much need to worry.

Share this post


Link to post
Share on other sites

Bad Attitude is not just a partisan he is not very smart.

He touts an 8 billion dollar surplus in the face of a one trillion pension gap. 

If Political Putz needs an example Bad Attitude is up for the challenge. 

 

  • Downvote 1

Share this post


Link to post
Share on other sites
2 minutes ago, Hillary said:

Bad Attitude is not just a partisan he is not very smart or educated. 

 

Better educated than the tiny cannon foot stomping troll.

Share this post


Link to post
Share on other sites
14 minutes ago, badlatitude said:

Compared to the federal deficit it's almost paltry.

How much does CA and the municipalities have out in bonds?

Share this post


Link to post
Share on other sites
3 minutes ago, Saorsa said:

How much does CA and the municipalities have out in bonds?

A lot, which doesn't have a point. It's and if California goes down, so does the nation kind of dilemma.

Share this post


Link to post
Share on other sites
11 minutes ago, badlatitude said:

CalPERS is already cutting pensions and benefits, it has reduced the rate of return to 7%, it may be a rough road, but as long as California can continue creating large surpluses, there isn't much need to worry.

 

"keep your fingers crossed" is not a sound fiscal plan imo. didn't work for vallejo, didn't work for stockton...

 

 

  • Like 1

Share this post


Link to post
Share on other sites
2 minutes ago, aA said:

 

"keep your fingers crossed" is not a sound fiscal plan imo. didn't work for vallejo, didn't work for stockton...

 

 

Orange County or San Bernardino either, but guess what? they survived and prospered.

Share this post


Link to post
Share on other sites

you do know vallejo is precariously close to a second bankruptcy right?

Share this post


Link to post
Share on other sites
2 minutes ago, aA said:

you do know vallejo is precariously close to a second bankruptcy right?

Like all things, it is what it is. Life would be pretty cool if it were perfect and designed for flawless performance, but it isn't. We pull up our pants and work harder and hopefully a lot smarter.

Share this post


Link to post
Share on other sites
30 minutes ago, badlatitude said:

Orange County or San Bernardino either, but guess what? they survived and prospered.

Vallejo hasnt. From what I hear its an even bigger shithole than when I used to dock there.

  • Downvote 1

Share this post


Link to post
Share on other sites
24 minutes ago, badlatitude said:

Like all things, it is what it is. Life would be pretty cool if it were perfect and designed for flawless performance, but it isn't. We pull up our pants and work harder and hopefully a lot smarter.

don't twist what i said to fit in to your narrative. i prefer to find solutions to known problems as opposed to your "hope" and subsequent "it is what it is" plan. prosperity is not a second bankruptcy and not understanding 'lessons learned' is expected of children, not adults and governments

Share this post


Link to post
Share on other sites
43 minutes ago, Hillary said:

How much do lifeguards make again? 

How much is your life worth? How much is eye candy on a frozen beach worth?

I'd say $16-$27 an hour is worth paying considering the training they get, the risks they take, and the (probable) burn out rate of the job.

It's not all basking in the sun, and fucking hardbodies  in motel rooms every night.

Share this post


Link to post
Share on other sites
7 minutes ago, aA said:

don't twist what i said to fit in to your narrative. i prefer to find solutions to known problems as opposed to your "hope" and subsequent "it is what it is" plan. prosperity is not a second bankruptcy and not understanding 'lessons learned' is expected of children, not adults and governments

Yet it happens more frequently. You may prefer solutions, but sometimes they aren't available. What happens when our deficit finally crushes us? The reality of modern economics is hard to accept and I would prefer 1950's economic theory to 2018, but we allowed it in and now it may eat us out of house and home.

Share this post


Link to post
Share on other sites
10 minutes ago, aA said:

don't twist what i said to fit in to your narrative. i prefer to find solutions to known problems as opposed to your "hope" and subsequent "it is what it is" plan. prosperity is not a second bankruptcy and not understanding 'lessons learned' is expected of children, not adults and governments

The solution....do not make long term  promises.  , you can not see into the future, you  will not be able to keep them.

pensions for public workers ?  Stop it...

the private sector avoids these imposible to keep promises by shifting pension obligations onto the employee.

i must have my 401, i must take personal responsibilty ..why is a state employee any different 

  • Like 2

Share this post


Link to post
Share on other sites
4 minutes ago, slug zitski said:

The solution....do not make long term  promises.  , you can not see into the future, you  will not be able to keep them.

pensions for public workers ?  Stop it...

the private sector avoids these imposible to keep promises by shifting pension obligations onto the employee.

i must have my 401, i must take personal responsibilty ..why is a state employee any different 

I begrudgingly agree with this and we should have never started on this path in the first place.

Share this post


Link to post
Share on other sites

Budget surpluses. It’s what Democrats do. It’s who they are. As Eva Dent.

Share this post


Link to post
Share on other sites
3 hours ago, Hillary said:

Bad Attitude is not just a partisan he is not very smart.

He touts an 8 billion dollar surplus in the face of a one trillion pension gap. 

If Political Putz needs an example Bad Attitude is up for the challenge. 

 

Since you brought up the subject of Partisan Putzes - name 3 government pension plans that ARE fully funded.

Share this post


Link to post
Share on other sites
3 hours ago, badlatitude said:

Compared to the federal deficit it's almost paltry.

Didn't hear you complaining when Ohbombya was in office.  

Share this post


Link to post
Share on other sites
13 minutes ago, Mickey Rat said:

Didn't hear you complaining when Ohbombya was in office.  

I made my feelings about the deficit well known and I haven't spared anyone from responsibility. You can drop the racist rhetoric as well, or get ignored, it's your choice.

Share this post


Link to post
Share on other sites
5 hours ago, Left Shift said:

But, but, but....."Tax and spend, spend, spend!!!!", and "Moonbeam" and "welfare state"....

Sort of like Bill Clinton did, but then Bush had to go and NOT pay for his wars.  

Yup. It's funny how a sufficiently repeated lie so closely resembles truth.

Share this post


Link to post
Share on other sites
3 hours ago, aA said:

don't twist what i said to fit in to your narrative. i prefer to find solutions to known problems as opposed to your "hope" and subsequent "it is what it is" plan. prosperity is not a second bankruptcy and not understanding 'lessons learned' is expected of children, not adults and governments

Actually, apparently four bankruptcies are required for presidential level prosperity.  So maybe two bankruptcies are adequate for plebeian prosperity.

Share this post


Link to post
Share on other sites
5 hours ago, badlatitude said:

CalPERS is already cutting pensions and benefits, it has reduced the rate of return to 7%, it may be a rough road, but as long as California can continue creating large surpluses, there isn't much need to worry.

Yeah but CalPERS has to stop investing in all the "feel good" shit and start making some sound investment that are going to produce some higer yields...

http://www.pionline.com/article/20171205/ONLINE/171209922/think-tank-blames-sustainable-investing-for-calpers-falling-investment-performance

Quote

"During this time of increased ESG investing and activism, the fund's performance has suffered, converting a $3 billion pension surplus to nearly $140 billion deficit over the past 10 years," the report says.

The report also says CalPERS should stop its practice on engaging companies on sustainable investment practices and social and governance issues unless it show such practices are enhancing the company's value.

I am sure many of us here have seen our portfolios grow at a better rate over the past ten years...

Share this post


Link to post
Share on other sites

You could  say that Gov Brown did a good job.  

You can also say that the structural problems were not addressed.

kick the can down the road.

Seems that most politicians kick the can down the road

Share this post


Link to post
Share on other sites
On 1/11/2018 at 7:26 PM, SloopJonB said:

Since you brought up the subject of Partisan Putzes - name 3 government pension plans that ARE fully funded.

You are asking the impossible. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this