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Jerry Brown: California's deficit is gone

Why not? Doesn't California realize tax revenue from capital gains? I think so...

Because the projection the poster linked to was not a projection of tax revenue from all capital gains. It was a projection of the revenues from the sales of FB stock in the FB IPO


Your link is BS. It refers to a projection by the Legislative Analyst’s Office, which has no authority on the budget. Furthermore, they did not claim that the share price would be $45. They merely calculated what the revenues would be *IF* the share price went that high

Paying so much attention to some internet blog for financial information doesn't make one knowledgeable
 
Because the projection the poster linked to was not a projection of tax revenue from all capital gains. It was a projection of the revenues from the sales of FB stock in the FB IPO



Your link is BS. It refers to a projection by the Legislative Analyst’s Office, which has no authority on the budget. Furthermore, they did not claim that the share price would be $45. They merely calculated what the revenues would be *IF* the share price went that high

Paying so much attention to some internet blog for financial information doesn't make one knowledgeable

Thanks for missing my point...carry on!...:lamo
 
Wyatt Buchanan

Updated 12:04 pm, Thursday, January 10, 2013


Looks like the Golden States showing us the way doesn't it?

628x471.jpg



<For the first time in five years, California is not facing a deficit as Gov. Jerry Brown and lawmakers work to put together a spending plan for the next fiscal year.Brown released his budget Thursday morning for the 2013-2014 fiscal year, proposing a $97.7 billion plan that is 5 percent higher than the current year's spending.>


<The budget represents a massive change for California's finances, which at their worst in February 2009 faced a $42 billion deficit. That resulted in emergency action on the budget as the state treasurer was unable to sell short term bonds, construction projects came to a halt and the controller was forced to send out IOUs instead of tax return checks.>


Read more: Jerry Brown: California's deficit is gone - SFGate


You do realize these are "projections", from a politician no less. I'd love to see the assumptions built into those projections.

Projections are great, they just mean nothing when compared to reality.
 
Looks like the Golden States showing us the way doesn't it?
One thing that is interesting, is that when California is doing badly, then the left finds all kind of excuses, but when California does well then it is an example to follow for the rest of the country.

I don't know what estimates his budgets are based upon, but I believe he is overestimating revenue and underestimating costs. That is what they are doing in Europe every single year. Often they are built on GDP predictions that will never happen. These are the Bureau of Economic Analysis estimations for California's GDP per capita. My guess is that Browns estimations are even higher.

usgs_line.php
 
One thing that is interesting, is that when California is doing badly, then the left finds all kind of excuses, but when California does well then it is an example to follow for the rest of the country.

I don't know what estimates his budgets are based upon, but I believe he is overestimating revenue and underestimating costs. That is what they are doing in Europe every single year. Often they are built on GDP predictions that will never happen. These are the Bureau of Economic Analysis estimations for California's GDP per capita. My guess is that Browns estimations are even higher.

usgs_line.php

Given that much of this data is historical, and it projects into the future at the same trajectory as the past, I am not sure what specific criticism you are leveling ...

Without any evidence whatsoever, you are saying that Brown's projections of GDP per capita is more generous than this chart? Okey, dokey. I see you are simply carrying on the ideological tradition of making it all up as you go...
 
Given that much of this data is historical, and it projects into the future at the same trajectory as the past, I am not sure what specific criticism you are leveling ...
No, it fricking doesn't. Let me give you the numbers.

2000-1.32
20010.80
20022.02
20033.68
20042.81
20052.66
20060.36
2007-1.07
2008-5.34
20091.04
20100.78
20111.23
2012 1.88
2013 2.07
2014 2.71
2015 3.13
2016 2.88

The ones in bold are projections, and the only time we saw similar growth was during the housing/financial bubble. Expecting similar growth to the bubble period with no stagnation periods is ridiculous.
 
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No, it fricking doesn't. Let me give you the numbers.

-1.31
0.807
2.02
3.68
2.81
2.66
0.36
-1.07
-5.34
1.03
0.78
1.23
1.87
2.07
2.71
3.13
2.88


The ones in bold are projections, and the only time we saw similar growth was during the housing/financial bubble. Expecting similar growth to the bubble period with no stagnation periods is ridiculous.

Please give evidence that "the only time we saw similar growth was during the housing/financial bubble".
 
You can find the evidence in your quote.

Oh for god's sake, how incredibly ignorant. You would have to have given many more years to try and claim that the only time such growth had occurred was during the bubble.
 
Oh for god's sake, how incredibly ignorant. You would have to have given many more years to try and claim that the only time such growth had occurred was during the bubble.

I was talking about the graph. The graph only goes to 2000.

Before 2000 is not interesting as US was in a completely different situation. Would you predict Japan to have high growth now, because they had high growth in the 80s?
 
Whether Brown's claim ends up being correct or not, it was a safe political move on his part to make that proclamation, because him being a democrat means he can't lose.

If he ends up being right, the media will mention it as often as possible and along with every democrat in the country, will use it as a weapon to attack republican economic policies... If Brown is wrong and California ends up running a deficit, even if it's the largest in the states history, it won't hurt him one bit politically. You see, if that happens the media will do everything in their power to ignore the entire issue (like they have with all the democrat run states that have been on the brink of financial ruin the last several years) and pretend Brown never made such a statement. You know, kind of like all the economic claims made by Obama that didn't pan out, that the media did their best during the campaign to avoid discussing.

That was a smart move politically on the Governor's part.
 
I was talking about the graph. The graph only goes to 2000.

Before 2000 is not interesting as US was in a completely different situation. Would you predict Japan to have high growth now, because they had high growth in the 80s?

So, it wasn't "the only time" they had the high rate of growth. Noted.
 
I'm tired of being "fair". I prefer to be accurate.

Reagan-Bush-National-Debt.png


$12 Trillion Calc

Zfacts? Really? Pathetic. Looks like a toddler scribbled wishful thinking on a graph with crayons.

Clinton robbed 2.1T from Social Security to pay off "Public Debt" and left it with a bunch of IOUs. He didn't pay down debt from WW2. He added to the National Debt during the 8 years of his presidency.

Clinton Angers Friend and Foe In Tax Remark - NYTimes.com

Probably there are people in this room still mad at me at that budget because you think I raised your taxes too much. It might surprise you to know that I think I raised them too much, too. - Bill Clinton

Obama added more than 5 trillion in new debt within 4 years. Seriously this thread is laughable. All Jerry Brown has done has submitted a budget based on projections. CA is still billions and billions in debt. CA has untold billions in unfunded pensions. Cities are going bankrupt. People are leaving the state in droves.

California's $500-billion pension time bomb - Los Angeles Times

CA has more people on welfare than who pay taxes

Do You Live In A Death Spiral State? - Forbes

Jerry Brown "it's all a lie... I didn't have a plan for California" - YouTube

State of California Debt Clock

When this fantasy actually becomes a reality let me know. As of now it's wishful thinking on the backs of numerous accounting gimmicks.
 
Ask moonbeam; they budgeted for a huge tax windfall from facebook stock sales last year - FAIL.
You haven’t been following the thread?
 
So Californai is on the road to recovery. How many years will it take the State to eliminate its debt of $34 Billion? Like the US, California has run up a huge debt.

CA Gov. Jerry Brown state budget deficit disappears but debt remains - Silicon Valley Business Journal
"California Governor Jerry Brown on Thursday morning declared that the state will have an $851 million budget surplus by the end of the 2013-2014 fiscal year if state legislators approve his proposed budget.....

The state still has more than $34 billion in outstanding debts."
 
So Californai is on the road to recovery. How many years will it take the State to eliminate its debt of $34 Billion? Like the US, California has run up a huge debt.

CA Gov. Jerry Brown state budget deficit disappears but debt remains - Silicon Valley Business Journal
"California Governor Jerry Brown on Thursday morning declared that the state will have an $851 million budget surplus by the end of the 2013-2014 fiscal year if state legislators approve his proposed budget.....

The state still has more than $34 billion in outstanding debts."

Texas does too, thanks to republican Perry, who doubled the states' debt

Rick Perry Doubled Texas' Debt, Then Balanced Budget Through Accounting Gimmicks | ThinkProgress
 
The ones in bold are projections, and the only time we saw similar growth was during the housing/financial bubble. Expecting similar growth to the bubble period with no stagnation periods is ridiculous.
The median number in regards to growth following WWII is 3.25%. None of your numbers so much as touch that figure.
 
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With the ridiculous taxes and other assorted "fees" in California, how the hell do they not have a huge surplus every year? If they do go one year with a surplus (or even just simply a balanced budget), that hardly makes them a model for any state to follow, unless you're stupid.
 
With the ridiculous taxes and other assorted "fees" in California, how the hell do they not have a huge surplus every year? If they do go one year with a surplus (or even just simply a balanced budget), that hardly makes them a model for any state to follow, unless you're stupid.

Every state balances their budgets.
 
Every state balances their budgets.

And, with all of the ridiculous taxes that California bends their residents over for, they had a deficit how?

Proclaiming that California's deficit is now gone and that they are showing anyone the way that things should be done, is just idiotic. There probably are other state legislatures who are stupid and think that California is a good example of how things should be done though.
 
Facebook IPO will boost state revenue - SFGate

Those who don't know really shouldn't speak out - it just makes them look really stupid.

And by the way they didn't get anywhere near the 1.5 billion in - income tax revenue
they expected from the rich kids - one of them even left the country due to our tax
codes.

The revenue from FB's IPO met the projections

IOW, the only FAIL is in your post
 
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