Posted on 03/13/2012 7:41:31 PM PDT by Nachum
State Controller John Chaing continues to uphold the California Great Seal Motto of “Eureka”, i.e., 'I have found it'. But what Chaing is finding as Controller is that California’s economy as measured by tax revenues is still tanking. Compared to last year, State tax collections for February shriveled by $1.2 billion or 22%. The deterioration is more than double the shocking $535 million reported decline for last month. The cumulative fiscal year decline is $6.1 billion or down 11% versus this period in 2011. (snip) California politicians seem delusional in their continued delusion that high taxes have not savaged
(Excerpt) Read more at breitbart.com ...
What you said BUMP.
The problem is, after the simpletons have finished fouling their own nest they’ll move to other states and take their destructive Democrat voting habits with them. We need to build a fence between California and America.
The Proposition was to fund Education by adding a 3% Income Tax to people making over a Million Dollars a Year. We already have the highest State Tax Rate at 11%. It was 10%, but (Meathead) Rob Reiner from All In The Family decided we needed another percent for the Children.
Delusional doesn't even come close.
50 years???
California has 10 left. 20 absolute max.
Well past the tipping point. Only thing saving the state so far, is that something so big, tips over slow.
Short a complete revolution of American business, leading to an industrial renaissance in America - CA is going to take the full brunt of the looming massive trade war with China.
What do you think pays for California right now?
The port of Long Beach, offloading Chicom products.
That’s not sustainable. When it ends, what’s left in the state to pay the bills?
Hollyweird? Television?
Like they’re gaining market share?
You're right, I'm sceeered...Packing my bags now, and doing the big chicken to the brown snow sticky woods...Where I will be safe forever.
Yuk yuk.
BTW, I'm just pullen your leg coot.
Best of luck wherever ya are. I've always ran to the sound of the guns, and choose not to run away. They don't have what it takes to make me pull up stakes. Take care and best of luck.
Don’t worry.
The parasites will be the very, very last to leave CA.
They’ll still be in line for hand-outs.
Arthur Laffer already took a look at his curve of Kali, and moved to Tennessee.
Nothing agains you. I have spent many years in Calif. Van Nuys, San Francisco, Ft. Ord, L.A., and waaayyy up North in a little town named Gridley off of 99E.
So, I knew Calif back when it was a nice place. The worst place I lived was in the Imperial Valley which is where I moved from.
I have been all over the United States and still like the Southern life.
Best of luck. Oh, I wasn’t talking about the supposed “big” one hitting. I just don’t like the small and midsized quakes. Been through too many to count.
I think you’re being rather optimistic there. My estimation is “10 max, with fiscal implosion within 5.”
My reasoning is founded upon the numbers coming out of CalPERS. The public employee pension problem is just starting to explode now, and the legislature and Brown are doing nothing about it.
CalPERS continues to predicate their estimates of future pension viability on 7.25%+ rates of return. How do this comport with reality?
Well, last year, CalPERS’ return on their investments was (drum roll please!) 1.1%.
Yea, that’s right. Below the rate of inflation.
And the Fed has indicated that they’re going to keep pumping money into the liquidity trap they have created, so rates aren’t about to go up anytime soon... which means that to get yield, CalPERS has to either take on a lot more risk, or they have to move out the yield curve in maturity. Both aren’t viable options for a pension fund that is facing a rapidly increasing number of claimants.
I live in California too. It is a sad sorry state. I like it here, but it is a tough slog.
More chickens coming home to roost, to quote our beloved president’s favorite preacher.....
The longshoremen Union will be getting a wake up call very soon. That port in Northern Baja is getting near completion along with the rail facility and the Panama Canal will be overhauled in about 2 years which will move a good deal of shipping away from Cal to the east coast.
Lived in Cal in the 70s and 80s and was fortunate to get out of there when I did. Thought it was great in the 70s and saw the slippage beginning in the mid 80s. I am beyond upset regarding now the libs and illegals turned a virtual paradise into a morass. Those leaving now were the last hope as they take their earnings with them leaving the state with no choice but to raise taxes to beyond insane levels on the earners and producers while allowing the moochers to suck the remaining life out of the state.
RIP
Laffer is Laffing!
Excellent.
States filled with liberals.
They don’t even pay the Bush Rates.
Heck they are in the mid teens.
No wonder the States broke.
Jerry Brown Solution:
REPEAL PROP 13 so we can RAISE TAXES even more!!
This planet can kick back...I've seen it multiple times.
Just be thankful that you were not hurt. I was at Anchorage in 64 when the 9.2 hit. I decided real fast that I don’t like the ground moving under me.
At least I can now hide from bad weather. I went through the F-5 tornado in Ok City in 99 and decided I don’t care for them too much either.
But, I do still have some family in Calif and I pray for them to remain safe. I don’t know how they are going to survive with the tax rates there.
I was hurt...so to speak of. All we could think of at the time was get to the kids, as I jump out of bed, foot snag on whatever bedding and belly flopped on the floor..broke some bone in my foot. It was no big deal though. I didn't even notice it until the next day. My fault for moving too fast during the event. Not good, as during any event, one should try their best to avoid injury, as help may not exist at the time.
Maybe ask them to join you in Tennessee. Take them in, and share brother! Stock the fridge prior to their arrival an be sure they have tasty yummies on demand.
I'll reserve or hold back my laughter, depending on your response.
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