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#1 Don't worry, they're using the same algorithm employed to prove Man Made Global Warming. /sarc off
Posted by Procopius2k 2013-01-12 10:39||
#2 Marketwatch in November state California faces an unfunded liability of $100 billion in its Public Employees Retirement System and $65 billion in its State Teachers Retirement System.
Funny how the article didn't mention that.
Posted by Anguper Hupomosing9418 2013-01-12 12:12||
#3 It gets better. The CSU chancellor sez they'll need more money to cover "rising pension and health care costs."
Posted by Pappy 2013-01-12 13:12||
#4 Just borrow that special coin krugman wants.
Posted by Rjschwarz 2013-01-12 13:29||
#5 Yes, the $1T 'Krugman' platinum coin.
Posted by Steve White 2013-01-12 14:01||
#6 They already know they are coming in under the projection by at least 10%. They are already planning on increasing spending by "only" 5%. There will be no surplus. There will be no balanced budget. There will be more of the same, and shame on anyone who won't admit it.
Posted by Iblis 2013-01-12 14:02||
#7 Waved your Magic Wand and made it vanish, did you?
It don't work that way.
Posted by Redneck Jim 2013-01-12 14:47||
#8 When is California going to crash? We've been hearing about it for years, but it never happens, like the banks are scared to call them on the debt.
Posted by Charles 2013-01-12 15:20||
#9 There isn't a deficit when you ignore it!
Posted by DarthVader 2013-01-12 15:20||
#10 In the California section of the Sacramento Bee today and yesterday, they are already talking about the pay increase for state workers, the incresaed money that can go to "education" (read the Teachers union demand for pay increases) and nothing, nothing about the the pending debt, retirement, or anything about a substantial reserve. All we did was give them more money to spend on their friends.
Posted by NoMoreBS 2013-01-12 16:45||
#11 California owed some $30 billion to various funds, school districts and local governments. The Mr Brown's plan was to pay back $5.2 billion this year. That has now been reduced to $4.2 billion.
Posted by Pappy 2013-01-12 20:46||
#12 Like many States, CA has multiple balance sheets. There is debt service as a cost, bond sales as income, various special accounts and all sorts of contingency accounts. This makes it almost impossible to actually know what is actually going on unless you are 'inside'.
Posted by lord garth 2013-01-12 20:46||
#13 Not unlike the former USSR + Commie Bloc, IFF CALIFORNIA PRETENDS TO ITSELF THAT IT HAS NO DEBT, IT DOESN'T.
Just do a few ole' Soviet/Commie-esque accounting "write-offs" + personnel switches, ....@etc, "fudge the books" then soon California can once again happily "spend spend spend" as its debts never existed to begin with.
Posted by JosephMendiola 2013-01-12 21:18||