Posted on 05/27/2013 7:46:50 AM PDT by SeekAndFind
California now has so much projected revenue that Sacramento legislators don't what to do with it, The New York Times' Adam Nagourney reports.
The final budget surplus figure for 2014 will fall somewhere between $1.2 and $4.4 billion, depending on who's counting.
"An unexpected surplus is fueling an argument over how the state should respond to its turn of good fortune," writes Nagourney.
Just three years ago, of course, the state was running a $60 billion deficit.
The surplus is almost certainly the result of wealthy Californians trying to bank capital gains before the Bush tax cuts expired, Nagourney says.
(Excerpt) Read more at businessinsider.com ...
Original Article references here:
http://www.nytimes.com/2013/05/26/us/californias-new-problem-too-much-money.html?pagewanted=all
TITLE: California Faces a New Quandary, Too Much Money
They’ll manage to spend this one-shot windfall and more in short order with projects such as the bullet train to nowhere.
I guess a “rainy day fund” is beyond their comprehension?
No wonder Pelosi, Boehner has smiles on there faces. Liberals and rinos can’t wait to get their hands on it.
"Projected Revenue" is NOT "money".
I guess they could pay down debt or get rid of needless pension obligations but then that’s hardly a liberal cause....wouldn’t buy many votes either.
I guess they could pay back the $10 billion California borrowed from the federal government to keep unemployment insurance flowing to jobless workers after the Unemployment Insurance Fund ran out of money a couple of years ago.
Or they could start paying down the $550 billion to $800 billion in unfunded public employee pension obligations.
RE: “Projected Revenue” is NOT “money”.
How accurate are these “Projections” anyway?
Just think what would happen if they didn’t give a squat about a delta smelt and drilled oil? And if they got rid of the libs......
Imagine there’s no liberals.
Not that it matters.
“Projected” revenue is not revenue at all.
Ah. In other words, this is a one-time windfall.
If it materializes.
Which, for some reason, always need to be "revised".
Jerry Brown hired a new CPA and pulled a rabbit out of the hat.
They'll go bankrupt before establishing a rainy day fund, to be sure.
RE: Projected revenue is not revenue at all.
How accurate are these Projections anyway?
Somehow projected revenue in California does not seem to turn into realized revenue and in any event is spent several times over before it is not realized.
Drilling for oil actualy reduces the amount of oil leaked into the water from natural oil pressure. Drilling bans are not about smelt. They are about control. Wealthy conservatives are a danger to lazy liberals grasp on power.
This is state money. Not federal money.
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