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Thread: Jerry Brown: California's deficit is gone

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    Jerry Brown: California's deficit is gone

    Wyatt Buchanan

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


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




    <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

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    Re: Jerry Brown: California's deficit is gone

    Hallelujah!!! This made my day.

    Now if we can start paying off our debt instead of using the money, I might die of happiness.
    Veni. Vidi. Vici.
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    Re: Jerry Brown: California's deficit is gone

    This is based on revenue assumptions. The last time they made revenue assumptions they expected Facebook share value sales to
    give them a windfall that never materialized. They are assuming a lot of things - they always do - one that people won't leave the
    state to avoid the soaking the voters put on the wealthy.

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    Re: Jerry Brown: California's deficit is gone

    Quote Originally Posted by CalGun View Post
    This is based on revenue assumptions. The last time they made revenue assumptions they expected Facebook share value sales to
    give them a windfall that never materialized. They are assuming a lot of things - they always do - one that people won't leave the
    state to avoid the soaking the voters put on the wealthy.
    WTF has facebook shares got to do with a CA budget?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Jerry Brown: California's deficit is gone

    Quote Originally Posted by Whipsnade View Post
    WTF has facebook shares got to do with a CA budget?
    Apparently the California budget was entirely based on facebook stock.

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    Re: Jerry Brown: California's deficit is gone

    Quote Originally Posted by Whipsnade View Post
    WTF has facebook shares got to do with a CA budget?
    Facebook IPO will boost state revenue - SFGate

    They were expecting the revenue. You need revenue to supply your budget. Not really a hard concept to grasp.

    Anyway, this is all projection at this point based on the speculation that things will be exactly the same as this year and the increase in taxes will generate their shortfall. Only time will tell if the speculation is accurate.

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    Re: Jerry Brown: California's deficit is gone

    Quote Originally Posted by Whipsnade View Post
    WTF has facebook shares got to do with a CA budget?
    Trouble with you and Observer is that you can't adjust your thinking enough to see that Calgun wasn't saying Facebook had a direct connection, but that making assumptions about budgets does. So goes ahead and laugh it up in ignorance, its your loss.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Jerry Brown: California's deficit is gone

    Quote Originally Posted by Fishstyx View Post
    Facebook IPO will boost state revenue - SFGate

    They were expecting the revenue. You need revenue to supply your budget. Not really a hard concept to grasp.

    Anyway, this is all projection at this point based on the speculation that things will be exactly the same as this year and the increase in taxes will generate their shortfall. Only time will tell if the speculation is accurate.
    Do you have a link for where the FB stock sale related revenue never materialized?

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    Re: Jerry Brown: California's deficit is gone

    Jerry Brown for president!
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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    Re: Jerry Brown: California's deficit is gone

    Quote Originally Posted by Dwight View Post
    Do you have a link for where the FB stock sale related revenue never materialized?
    Yeah, I posted it. Did you actually read the article posted. The State Finance office speculated that would be around $35 a share. Whats FB's stock price? Do the math.

    Its a point that its a budget projection for 2013/14. I'm not saying its not possible but they're basically saying the current changes to the CA tax rates and sales tax will have no impact and be exactly the same as last years economic activity in the state. Again, time will tell if the projection is rooted in reality.

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