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Thread: Path Is Sought for States to Escape Debt Burdens

  1. #51
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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by ksu_aviator View Post
    Texas isn't in trouble. We have $9 billion in savings to use to get through lean times.

    Now, it isn't perfect and it definitely isn't a boom time...but we are managing and our budget will come in balanced: Texas Senate budget also bleak, has more school funds than House version | The American Independent When all is said and done, they will come to a compromise that does reduce government responsibilities...but doesn't intrude on freedoms.
    Really?
    2011 Budget Shortfall | Topic | The Texas Tribune
    2011 Budget Shortfall



    A budget shortfall as high as $25 billion is projected as lawmakers head into the 2011 legislative session, according to estimates from economists and the comptroller's office. Texas writes budgets biennially, or in two-year terms, so the shortfall affects the 2012-2013 state budget.

    Leadership in the Texas Legislature, which is dominated by fiscal conservatives, is not expected to support attempts to raise taxes to fill the multibillion-dollar hole. But social service advocates say the state's safety net system can't afford any further budget cuts.

    http://www.businessweek.com/news/201...enue-drop.html

    Texas’s Perry Faces Record Budget Gap on Revenue Drop
    January 11, 2011, 10:31 AM EST

    By David Mildenberg

    Jan. 11 (Bloomberg) -- Governor Rick Perry, after touting Texas’s growth while holding down taxes and spending, faces the biggest two-year budget gap in state history and a challenge some compare to the 1980s, when an oil bust roiled the economy.

    Texas’s revenue will fall 2.9 percent to $72.2 billion in the two-year fiscal period that begins Sept. 1 compared with the biennium ending in August, state Comptroller Susan Combs said yesterday in Austin. She said the state also faces a $4.3 billion deficit that must be closed by the end of August.
    Last edited by Dirty Harry; 01-24-11 at 07:16 PM.

  2. #52
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    Re: Path Is Sought for States to Escape Debt Burdens

    Did you not read the article that came out just 30 minutes ago and gave an overview of how the Texas legislature plans on balancing the budget? Speculation of shortfalls are only valid if the state doesn't react, they are reacting, they have a plan and everything is ok. We are no Illinois or California.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  3. #53
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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by ksu_aviator View Post
    Did you not read the article that came out just 30 minutes ago and gave an overview of how the Texas legislature plans on balancing the budget? Speculation of shortfalls are only valid if the state doesn't react, they are reacting, they have a plan and everything is ok. We are no Illinois or California.
    Texas is not OK. Revenues are plummeting.
    The Senate bill calls for $73.8 billion in expenditures, exactly what the state comptroller says Texas will earn in revenues over the next two years. The total is $27 billion less than what experts say is needed to maintain current state services
    Last edited by Dirty Harry; 01-24-11 at 07:29 PM.

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Dirty Harry View Post
    Texas is not OK. Revenues are plummetting.
    Ya, they have a funny way of plummeting around here...

    Texas sales tax receipts for December were $1.81 billion, up 9.4 percent over the same month a year earlier, Comptroller Susan Combs announced today.

    It's the ninth month in a row that we've seen year-over-year improvement -- working, of course, off a dreadful 2009 yardstick. Combs said sales tax receipts grew "across the board." She mentioned the energy and manufacturing sectors, as well as stores and restaurants. The 9.4 percent monthly increase marks the highest of recent months[.

    Sales tax receipts up 9.4 percent last month | Trail Blazers Blog | dallasnews.com
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by ksu_aviator View Post
    Ya, they have a funny way of plummeting around here...
    The comptroller last week estimated Texas would only have $72 billion in general revenue available for this fiscal 2012-13 budget, down from $87 billion two years ago.

    Really?.........
    Dec 2010 was compared to '09.

    http://www.bloomberg.com/news/2011-0...-in-1980s.html
    Rick Perry Faces the Biggest Drop in Texas Revenue Since Oil Bust in 1980s
    Last edited by Dirty Harry; 01-24-11 at 07:40 PM.

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    Re: Path Is Sought for States to Escape Debt Burdens

    regardless of who negotiated em, public pensions are poisoning our bottom lines

    the expansion of medicaid by millions (egregiously exacerbated down the line by obamacare) is fiduciary mayhem

    let's campaign on THAT

    seeya at the polls

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by The Prof View Post
    regardless of who negotiated em, public pensions are poisoning our bottom lines

    the expansion of medicaid by millions (egregiously exacerbated down the line by obamacare) is fiduciary mayhem

    let's campaign on THAT

    seeya at the polls
    Let's start at the top. Pensions for all lawmakers must be eliminated, a 10% pay cut across the board and no more free health insurance. Then work our way down.

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    Re: Path Is Sought for States to Escape Debt Burdens

    Old conservatives are going to play the senior card on leftist controlled California. I get around fine, and can drive any where.

    But I insist that County ParaTransit come pick me up and drive me to the doctor, and then take me home. And when I get home I call ParaTransit again to come pick me up and take me to the Pharmacy and then take me home again. This is reverse Cloward Piven. Overwhelm the system.

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by MrVicchio View Post
    http://www.nytimes.com/2011/01/21/bu..._r=1&src=busln

    Oh man, what a scary scary idea. Letting states declare bankruptcy? BAD JUJU.
    If they go broke there's no other way. They can start out again with a clean state.

    ricksfolly

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    Re: Path Is Sought for States to Escape Debt Burdens

    Quote Originally Posted by Dirty Harry View Post
    Let's start at the top. Pensions for all lawmakers must be eliminated, a 10% pay cut across the board and no more free health insurance. Then work our way down.
    tell it to obama, pelosi, moonbeam, cuomo...

    sharing your ideas WITH ME is a waste of both our times

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