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Old 03-16-2018, 11:55 PM  
Lex Luthor Lex Luthor is offline
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Jerry Brown's Legacy: A $6.1 Billion Budget Surplus in California

In sharp contrast to Oklahoma and Kansas, where the GOP's massive tax cuts led to economic disasters, California decided to do the fiscally responsible thing and RAISE taxes. The result: a budget surplus and a booming economy.

This is the GOP's worst nightmare: prosperity and budget surpluses. Jerry Brown inherited a $27 Billion budget deficit and turned it into a $6 Billion budget surplus. It's a freaking nightmare! It's almost as bad as when that bastard Bill Clinton was President!

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

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.

As is his custom, the governor warned of an inevitable economic slowdown.

"California has faced 10 recessions since World War II, and we must prepare for the 11th," he said. "Let's not blow it now."

Mr. Brown has been preaching frugality for years -- he kicked off one past budget talk with Aesop's fable about the thrifty ant and the lazy grasshopper.

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.

His spending plan for 2018 calls for $131.7 billion of general fund spending. Including special funds and bonds, which are pools of restricted money that can only be used for specific projects, total proposed spending next fiscal year is $190.3 billion.

The governor's budget document marks the start of roughly six months of negotiations with the Democratic-controlled legislature.

The state's budget must be approved by June 15, so it can be enacted July 1.

Many in Mr. Brown's party, which wields the power to raise taxes with two-thirds majorities in both state houses, have pushed for increased spending on social programs as the state has recovered from the last recession.

On Wednesday, Republicans called on the governor to return some of the budget surplus to voters -- saying they were overtaxed.

Assemblyman Vince Fong, a Republican from Kern County and a former staffer of House Majority Leader Kevin McCarthy, said the forecast windfall was evidence that a gasoline tax increase passed by Democrats last year was unnecessary.

"We do not have a revenue problem, we have a spending problem," Mr. Fong said. "Taxpayers work hard for their income -- we should work just as hard to protect it."

State officials and economists said planning for the 2018-2019 budget cycle had been particularly difficult this year.

They said state finances are facing a notably volatile period, given changes to federal tax law poised to hit California especially hard.

"I think there's more financial uncertainty between Washington and Sacramento than in the past," said Jerry Nickelsburg, director of the University of California, Los Angeles Anderson Forecast, a leading forecaster.

California, along with other high-cost and high-tax states, is considering ways to lessen the impact of the federal tax overhaul, which will raise taxes on a significant number of high-earners in the state.

State senate leader Kevin de Leůn introduced legislation last week that would allow California taxpayers to donate to a fund and deduct 100% of the donation, essentially turning state tax payments into a deductible charitable contribution.

Other Democratic-led states, including New Jersey, are considering similar tactics to push back against what their leaders see as an unfair politically motivated move by the Trump administration against blue states.

While Mr. Brown warned of a slowdown Wednesday, he also touted increased funding in the state's public schools and infrastructure programs as well as his efforts to pay down debt taken on by previous administrations.

Mr. Brown's two most immediate predecessors were consumed by state budget woes at the end of their tenures. Democrat Gray Davis was recalled from office in 2003 after a recession, an energy crisis and controversial cuts led his popularity to sink.

Republican Arnold Schwarzenegger defeated Mr. Davis in the recall election, but he too was consumed with deficits as state coffers were pummeled by the last recession.

"One thing governors don't like is to be presiding over a hemorrhaging budget because people do blame them," Mr. Brown said Wednesday. "And for that reason, if none other, we are going to keep this steady as we go."
https://www.foxbusiness.com/features...-in-california
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Old 03-20-2018, 06:39 AM   #31
SuperBowl4 SuperBowl4 is offline
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Moonbeam should give himself a bonu$.
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Old 03-20-2018, 10:43 AM   #32
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Itís real tough for low income/middle income families here, people the democrats claim they represent. . They are leaving in droves and itís why Democrats are proponents of sanctuary law, because they need a permanent underclass.

The Gas tax directly hits those families who live far away from work because they canít afford to live any closer. The bullet train boondoggle. Plus the amount of money itís costing the taxpayers to pay for illegal immigrants healthcare, schooling, legal fees and so on is astronomical.
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Old 03-20-2018, 10:46 AM   #33
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Phew. Made it to work today without being shot. It was tough because MS13 has over run the city and set up blockades everywhere.
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Old 03-20-2018, 12:02 PM   #34
Over Yonder Over Yonder is offline
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Originally Posted by Detoxing View Post
Phew. Made it to work today without being shot. It was tough because MS13 has over run the city and set up blockades everywhere.
Why are you working? You live in paradise, man. Quit your job and live on the beach!! You can even take a dump anywhere you want!!! Man, that's the life
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Few things Democrats profess to love more than a failed Republican.

From Ford and Papa Bush down through Dole and Kemp, McCain and Romney, they universally exclaim 'why can't more be like THEM!!'
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Old 03-20-2018, 12:05 PM   #35
Detoxing Detoxing is offline
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Originally Posted by Over Yonder View Post
Why are you working? You live in paradise, man. Quit your job and live on the beach!! You can even take a dump anywhere you want!!! Man, that's the life
If i did that, then how would all the Illegals and poor people live? Someone has to foot the bill for this paradise.

I work for their right to shit wherever they want, buddy.

So what if i have to shovel shit every morning like it's an east coast snow storm. I'm progressive.
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Old 03-20-2018, 03:49 PM   #36
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Originally Posted by Over Yonder View Post
Why are you working? You live in paradise, man. Quit your job and live on the beach!! You can even take a dump anywhere you want!!! Man, that's the life
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Old 03-20-2018, 03:56 PM   #37
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In case it hasn't been mentioned, the OP premise is complete shit since their pension fund shortfall is WAY larger than this imaginary surplus.
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Old 03-20-2018, 03:56 PM   #38
Pawnmower Pawnmower is online now
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So this must be the reason why people are leaving the state of CA in record numbers.

...because of their "booming" economy.

the economy is doing pretty well...

people are leaving because there isnt enough housing and/or the cost of housing is too high....

the demand to live in california is basically at an all time high...but the real-world practicalities of moving here or trying to start over here are just too hard for many...

the average rent around my area is 2000-2500 for a crappy 2 bedroom and it is probably more where dane lives and definitely more in SF (im an hour from SF)

theres no need for dishonesty, people WANT to be here......thats the reason a typical shitty house in a subdivision is 600-800k
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Old 03-20-2018, 03:58 PM   #39
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Originally Posted by Pawnmower View Post

theres no need for dishonesty, people WANT to be here......thats the reason a typical shitty house in a subdivision is 600-800k
This is called "logic" and we don't welcome this kind of thinking 'round these parts. That sorta thinking is dangerous.
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