California 'Hell-Hole' to Run $7 Billion Budget Surplus

[DINGO Joe]

California’s State and Local Liabilities Total $1.5 Trillion

Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.

Our analysis differs from government reporting in a few ways, the most significant of which is governments’ use of a very generous expected rate of return on their pension fund investments. Using a more accurate rate, we calculate the total of unfunded pensions in California at $846 billion – $530 billion more than the official estimate of $316 billion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.

So, there is some magical place in America that doesn't carry bond debt (for schools and sewers and roads and what not) or have retirement obligations?  Jeez, I can only imagine what the debt of the US Military is based on their retirement and healthcare obligations alone.

Kudos to Cali for running a budget surplus, certainly not something Trump can do.

[DINGO Joe]

So what your saying is Alaska is really screwed?

[DINGO Joe]

When i read the WV news, and I do, there's a constant litany about the homeless problem.  They're burning down the vacant building, leaving needles everywhere, and are the cause of much of the crime, or so the news says.  Of course, WV doesn't lack affordable housing (though they do lack decent housing).

[DINGO Joe]

Regarding migrations and population

The metro coasts take in much of the immigration in the country and because they are high cost areas, people tend to exit them when then retire, it makes states like Oklahoma and Arkansas much older than  California and with a much higher death rate.  West Virginia is a little different as almost no one domestic or foreign migrates there (except for East Panhandle)  so it has developed a massive birth-death gap as it dies off. 

[DINGO Joe]

Meanwhile in KY:

Memo: Gov.-elect Beshear to face a massive budget shortfall

A memo from outgoing Gov. Matt Bevin's administration says Gov.-elect Andy Beshear faces a massive budget shortfall as he prepares to take office.

The memo from Bevin's budget director estimates the shortfall could exceed $1 billion during the next two year

[DINGO Joe]

To put this into perspective ...
The California 7 Billion dollar surplus, is larger than the entire yearly budget for some states (5 states to be exact: DE, SC, MT, NH and VT).

Source: https://en.wikipedia.org/wiki/List_of_U.S._state_budgets

South Carolina's entire state budget is less than 7 million a year? What a crap hole that place must be

I'm sorry Badger, but I made an error.
I originally wrote "SC," but meant to write "SD" (South Dakota).
It has been corrected now, in the original post.
And remember, we are talking billions, not "millions" (you wrote millions in your post, but I'm sure you meant billions).
Just an FYI ... the South Carolina yearly budget is listed at about 29.5 billion.

Incidentally, in terms of per capita budget spending, South Carolina is higher than California. ($5,810 vs. $5,430.)

What are the spending the money on?  Everyone get a free Confederate flag?

[DINGO Joe]

I’ve been back in California for one day after being in Texas for 7 months and I think I would rather live in a box on the 405 for the rest of my life than to redo those 7 months.

About 30 years I drove from Wichita Falls to Lubbock and the first run down podunk town I came to (about 5 minutes out of Wichita Falls) I thought, "Huh, this must be the town they filmed The Last Picture Show in" and then I reached the next town and thought "No, this must have been the town", by the time I reached Lubbock, I realized that it was every West Texas town.

[DINGO Joe]

To put this into perspective ...
The California 7 Billion dollar surplus, is larger than the entire yearly budget for some states (5 states to be exact: DE, SC, MT, NH and VT).

Source: https://en.wikipedia.org/wiki/List_of_U.S._state_budgets

South Carolina's entire state budget is less than 7 million a year? What a crap hole that place must be

I'm sorry Badger, but I made an error.
I originally wrote "SC," but meant to write "SD" (South Dakota).
It has been corrected now, in the original post.
And remember, we are talking billions, not "millions" (you wrote millions in your post, but I'm sure you meant billions).
Just an FYI ... the South Carolina yearly budget is listed at about 29.5 billion.

Incidentally, in terms of per capita budget spending, South Carolina is higher than California. ($5,810 vs. $5,430.)

What are the spending the money on?  Everyone get a free Confederate flag?

There are quite a few services that other States tend to handle at the county or municipal level that get handled by the State. For instance, local roads are generally State-funded rather than locally-funded.A lot of school funding comes from the State sales tax which shows up in the State budget before being sent to the school districts.

I figured as much, just wanted to take a gratuitous cheap shot.