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Thread: Not Commonly Known: California had a $15 billion budget surplus in 2020

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    Default Not Commonly Known: California had a $15 billion budget surplus in 2020

    The prediction was that California would have a $54 billion deficit in 2020. Many here have posted in great detail why it has done so badly, and how it is not trump's fault. Well, the final numbers are in, and they had a 7%, or $15 billion budget surplus. Their constitution requires them to put away some of that money in a rainy day fund. How much worse than 2020 would it have to be to be a rainy day.

    California taxes the wealthy more than the average citizens, and so in 2020, when the wealthy did well, they paid a lot in taxes. California's economy is very diverse, and had many parts that did very well, and continued to pay a lot in taxes. California did well at getting the pandemic under control, so they have weathered this better than other states, like Florida or Texas.

    Wyoming did so badly in 2020, they were entering 2021 with the possibility of literally having the electricity cut off to the state government. Luckily, Biden got the stimulus passed just in time to send them help, and they will continue to function after such a terrible year.

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    Republicans told us that replacing lead pipes would be impossible in less than 33 years. Yes, the Republicans actually want to wait 33 years to replace the lead pipes (until 2050).

    Newark has just got it done in two years, and one of those years had a pandemic. They have replaced all 18,500 lead pipes, which made up half of all the pipes connecting homes in Newark to water mains.

    Meanwhile DeSantis wants an extension on the goal of replacing lead pipes in Florida until after 2050. Florida has more new construction than Newark, so it should be much easier.

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    GDP
    California $2.747 trillion. United Kingdom $2.625 trillion.
    Texas $1.696 trillion. Canada $1.652 trillion.
    New York $1.547 trillion. South Korea $1.538 trillion.

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    As always, Salty is a lying bullshitter!!

    California could see $26 billion in one-time surplus funds that will help balance the budget next year, but moving forward will face rising deficits, according to a new report from the Legislative Analyst’s Office.


    The report released Wednesday estimates California will see a temporary surplus next year beyond what lawmakers and Gov. Gavin Newsom expected when they created the current $202 billion state budget that cut money from education and state worker salaries.


    That extra cash could allow them to avoid major cuts in next year’s budget, but the windfall will evaporate quickly, the report warns. California still faces long-term deficits driven by the coronavirus pandemic that will rise to $17 billion by 2024, according to the Legislative Analyst’s Office, the nonpartisan office that advises the Legislature on the budget.


    California budget analyst predicts temporary $26 billion surplus, then rising long-term deficits


    https://www.sacbee.com/news/politics...247265579.html
    Last edited by cancel2 2022; 04-22-2021 at 07:52 AM.

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    Quote Originally Posted by Walt View Post
    Republicans told us that replacing lead pipes would be impossible in less than 33 years. Yes, the Republicans actually want to wait 33 years to replace the lead pipes (until 2050).

    Newark has just got it done in two years, and one of those years had a pandemic. They have replaced all 18,500 lead pipes, which made up half of all the pipes connecting homes in Newark to water mains.

    Meanwhile DeSantis wants an extension on the goal of replacing lead pipes in Florida until after 2050. Florida has more new construction than Newark, so it should be much easier.
    Florida also has a problem with orangeburg pipes falling apart...essentially tar paper
    Why Biden? Because Fuck You that's why. Barack Obama has a Grammy, an Emmy, a Nobel Prize, 2 terms as President and a Twitter account.

    Donald Trump has 2 impeachments.

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    Quote Originally Posted by katzgar View Post
    Florida also has a problem with orangeburg pipes falling apart...essentially tar paper
    The construction in Florida is a disgrace. Well, at least no hurricane will ever hit Florida, so they do not need sturdy construction.

    New Jersey outlawed lead pipes 30 years before the federal government did. If it were up to Florida, they would still be installing lead pipes.

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    Quote Originally Posted by Walt View Post
    The prediction was that California would have a $54 billion deficit in 2020. Many here have posted in great detail why it has done so badly, and how it is not trump's fault. Well, the final numbers are in, and they had a 7%, or $15 billion budget surplus. Their constitution requires them to put away some of that money in a rainy day fund. How much worse than 2020 would it have to be to be a rainy day.

    California taxes the wealthy more than the average citizens, and so in 2020, when the wealthy did well, they paid a lot in taxes. California's economy is very diverse, and had many parts that did very well, and continued to pay a lot in taxes. California did well at getting the pandemic under control, so they have weathered this better than other states, like Florida or Texas.

    Wyoming did so badly in 2020, they were entering 2021 with the possibility of literally having the electricity cut off to the state government. Luckily, Biden got the stimulus passed just in time to send them help, and they will continue to function after such a terrible year.
    Really interesting attempt at a flex over California from a person on the East Coast. Many businesses and individuals in Cali have gotten crushed over the past year thanks to the the continued lockdown. There's nothing successful about that. What you don't understand about the state is that it relies heavily on the very rich; and when the stock market booms and Cali companies go public the state can be flush with cash; when it doesn't the opposite occurs which is why we have such major budget swings. It's also why Prop 2 was passed in 2014 to create a rainy day fund because for too long politicians would create these programs during the flush times that couldn't be sustained during the down times and there needed to be some level of accountability for the future. And anyone from here knows there has long been talk of needing to diversity the tax base as we rely so heavily on the rich.

    You also choose to leave out the school's not opening and the damage it has done to hundreds of thousands, if not millions, of children. Unless you consider that a success as well. Many people have also left the state. Now when some of these big firms return back to the office lots are likely to return but the signs of tech firms diversifying around the country and not being solely reliant upon the Silicon Valley are there.

    So a lot more going on here than you're getting in your news across the country.

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    Hello Walt,

    Quote Originally Posted by Walt View Post
    The prediction was that California would have a $54 billion deficit in 2020. Many here have posted in great detail why it has done so badly, and how it is not trump's fault. Well, the final numbers are in, and they had a 7%, or $15 billion budget surplus. Their constitution requires them to put away some of that money in a rainy day fund. How much worse than 2020 would it have to be to be a rainy day.

    California taxes the wealthy more than the average citizens, and so in 2020, when the wealthy did well, they paid a lot in taxes. California's economy is very diverse, and had many parts that did very well, and continued to pay a lot in taxes. California did well at getting the pandemic under control, so they have weathered this better than other states, like Florida or Texas.

    Wyoming did so badly in 2020, they were entering 2021 with the possibility of literally having the electricity cut off to the state government. Luckily, Biden got the stimulus passed just in time to send them help, and they will continue to function after such a terrible year.
    The USA should take a lesson from our most progressive State.
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    Quote Originally Posted by PoliTalker View Post
    Hello Walt,



    The USA should take a lesson from our most progressive State.
    What lesson would that be?

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    Hello cawacko,

    Quote Originally Posted by cawacko View Post
    Really interesting attempt at a flex over California from a person on the East Coast. Many businesses and individuals in Cali have gotten crushed over the past year thanks to the the continued lockdown. There's nothing successful about that. What you don't understand about the state is that it relies heavily on the very rich; and when the stock market booms and Cali companies go public the state can be flush with cash; when it doesn't the opposite occurs which is why we have such major budget swings. It's also why Prop 2 was passed in 2014 to create a rainy day fund because for too long politicians would create these programs during the flush times that couldn't be sustained during the down times and there needed to be some level of accountability for the future. And anyone from here knows there has long been talk of needing to diversity the tax base as we rely so heavily on the rich.

    You also choose to leave out the school's not opening and the damage it has done to hundreds of thousands, if not millions, of children. Unless you consider that a success as well. Many people have also left the state. Now when some of these big firms return back to the office lots are likely to return but the signs of tech firms diversifying around the country and not being solely reliant upon the Silicon Valley are there.

    So a lot more going on here than you're getting in your news across the country.
    California merely exemplifies the falsity of the old conservative myth that if you tax the rich more they will flee to other low-tax places.

    California has done exactly that, and the rich still want to live there.

    The USA should take the lesson of California and tax the rich far more heavily all across the nation.

    Maybe then the USA could approach the dream of having a budget surplus like California did.
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    Quote Originally Posted by PoliTalker View Post
    Hello cawacko,



    California merely exemplifies the falsity of the old conservative myth that if you tax the rich more they will flee to other low-tax places.

    California has done exactly that, and the rich still want to live there.

    The USA should take the lesson of California and tax the rich far more heavily all across the nation.

    Maybe then the USA could approach the dream of having a budget surplus like California did.
    California has the highest poverty rate in the country. The medium price of a home is over $700K and if you don't want to live in the sticks or the 'hood good luck finding anything below $1m. We have a middle/working class that is priced out. But if a country with all rich and poor and little in between is what you want to see nationally then by all means, have at it.

    And no disrespect but clearly you don't know how revenue and budgets work in this state if you think having a surplus one year is the end all be all.

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    Quote Originally Posted by Walt View Post
    The prediction was that California would have a $54 billion deficit in 2020. Many here have posted in great detail why it has done so badly, and how it is not trump's fault. Well, the final numbers are in, and they had a 7%, or $15 billion budget surplus. Their constitution requires them to put away some of that money in a rainy day fund. How much worse than 2020 would it have to be to be a rainy day.

    California taxes the wealthy more than the average citizens, and so in 2020, when the wealthy did well, they paid a lot in taxes. California's economy is very diverse, and had many parts that did very well, and continued to pay a lot in taxes. California did well at getting the pandemic under control, so they have weathered this better than other states, like Florida or Texas.

    Wyoming did so badly in 2020, they were entering 2021 with the possibility of literally having the electricity cut off to the state government. Luckily, Biden got the stimulus passed just in time to send them help, and they will continue to function after such a terrible year.
    Thank you Jerry Brown and Gavin Newsome.

    They cleaned up the mess Arnold Schwarzenegger left them, in much the same way Barack Obama had to clean up George Dumbya's mess.

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    Quote Originally Posted by cawacko View Post
    Many businesses and individuals in Cali have gotten crushed over the past year thanks to the the continued lockdown. .
    Whose fault is that?

    California's or Trump's?
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    Quote Originally Posted by cawacko View Post
    What you don't understand about the state is that it relies heavily on the very rich; and when the stock market booms and Cali companies go public the state can be flush with cash; when it doesn't the opposite occurs which is why we have such major budget swings. It's also why Prop 2 was passed in 2014 to create a rainy day fund because for too long politicians would create these programs during the flush times that couldn't be sustained during the down times and there needed to be some level of accountability for the future. And anyone from here knows there has long been talk of needing to diversity the tax base as we rely so heavily on the rich.
    Did you not read a single thing Walt wrote?
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    Quote Originally Posted by cawacko View Post
    California has the highest poverty rate in the country.
    Only if you use a very specific definition of poverty that lumps in people who are middle class, but have debt.

    That's what you're doing when you claim this.

    You're claiming that a middle class family that took out $50K of loans to put their kid through college is a family in poverty.

    That's what you're doing. You're being dishonest and deceptive.

    If we use the traditional poverty metric, CA doesn't have the highest poverty rate. Alabama does.
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