[BLOGS.SACBEE] Were Caliphornia, an impregnable bastion of the Democratic Party,'s state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State Auditor Elaine Howle and the Bureau of State Audits.
The report, which covers the fiscal year ending June 30, 2012, says that the state's negative status -- all of its assets minus all of its liabilities -- increased that year, largely because it spent more than it received in revenue.
During the 2011-12 fiscal year, the state's general fund spent $1.7 billion more than it received in revenues and wound up with an accumulated deficit of just under $23 billion from several years of red ink. Gov. Jerry Governor Moonbeam Brown ... those who ignore history are bound to repeat it ... has referred to that and other budget gaps, mostly money owed to schools, as a "wall of debt" totaling more than $30 billion.
Last November, voters passed an increase in sales and income taxes that Brown says will balance the state's operating budget and allow the debt wall to be gradually dismantled.
About half of the $127.2 billion in accumulated red ink came from the state's issuing general obligation bonds and then giving the money to local governments and school districts for public works projects, the auditor pointed out. The assets built with the bonds remain on local balance sheets while the bonded debt accrues to the state.
Posted by: Fred ||
04/02/2013 00:00 ||
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#8
Nothing that can't be fixed papered over with a bail out by uncle Sugar taxpayers in all other states.
It only takes 3/4th of the others to say 'so long and thanks for all the fish' as well. Just getting the rumbling of that popping up will make the ruling caste very nervous.
#10
Right you are, Besoeker. My first reaction is that this is what happens when you open the border and allow millions of third world types to invade your country. Politicians rush to give them the benefits of an advanced, first world economy until that advanced, first world economy is bankrupt. Then the third world types start electing their own politicians and next thing you know California is a third world state. But the rest of you cannot afford to be so smug. It is a nationwide problem.
Posted by: Abu Uluque ||
04/02/2013 10:57 Comments ||
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#3
Actually it's a joke right now, there's no ammo to buy. I can't find .45 ACP or .380 ACP at all and there's almost no 7.62x51mm Nato to be had as well. In fact, it's nearly impossible to find M2 ball ammo for my garand as well.
#4
There are those of us who wish the lawmakers would spend more time considering how to balance the budget and less time on distractions and gimmicks like this. What they really need to do is CUT THE DAMN SPENDING.
#5
But California does support legal drug use, weak border security, + anti-NRA, pro-Assault Gun bans at a time of potential military crisis + nuclear confrontationism in NE Asia!
D *** NG IT, CALIFORNIA RSIDENTS HAVE THE RIGHT TO DAMAGE OR DESTROY THEIR OWN MINDS, BUT THEY DON'T HAVE THE RIGHT TO SHOOTDOWN THE INVADING MOTHERLY COMMIE AIRBORNE + GOOSEY ALLIES TRYING TO SAVE AMERIKA FROM AMERICANS!
Or was it America from Amerika???
SInce North Korea has allied itself wid the Wild Turkeys of the NE, + Colorado Gooses, CLEARLY ITS TIME FOR THE NORTH KOREANS TO ALLY WID THE OWLS OF THE PACIFIC NW.
Posted by: Deacon Blues ||
04/02/2013 12:25 Comments ||
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#2
So what are they going to do when they arrest criminals with uninsured guns? Until you deal with the criminal side of the equation you're just about power.
#3
Judge:"You are hereby sentenced to life in prison for premeditated murder. And an extra ten years for using an unregistered gun. Oh, and a $1000 fine for not having insurance."
I'm sure that the extra fine will be a deterrent to criminals. /sarcasm
Posted by: Rambler in Virginia ||
04/02/2013 14:45 Comments ||
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#4
I'm so glad congress is working on such pressing and important issues! Even though gun murders are one of the lowest of the murder spectrum. Definitely more important than say, a budget! /sarc
#5
If the insurance were sold at a market rate (i.e. based on the actual risk) the cost would be negligible. Maybe $1/year for $1m in coverage -- not even worth the cost of administering the policy.
So what makes me think this "insurance" would be something else -- and priced accordingly...
#6
The only agency allowed to sell you a policy would be the BATF. The cost would be whatever they wanted you to pay.
Posted by: Deacon Blues ||
04/02/2013 16:36 Comments ||
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#7
I wonder if firearm accident liability is included under standard homeowner and umbrella policies? As Iblis says, this category of liability should be relatively affordable. The high risk catagory could be if the owner is liable for what gets done with his guns if they are stolen, or if he is required to carry insurance covering his own purposeful misuses.
State Sen. Malcolm Smith (D), city Councilman Halloran (R) arrested in 'bribery plot' to rig mayor race
The pols allegedly formed an alliance built on cash payments and fraud to get Smith one of the states top Democrats placed on the GOP mayoral ballot.
More on the logistical nightmare that is Bumblecare
Unable to meet tight deadlines in the new health care law, the Obama administration is delaying parts of a program intended to provide affordable health insurance to small businesses and their employees -- a major selling point for the health care legislation.
Related
The law calls for a new insurance marketplace specifically for small businesses, starting next year. But in most states, employers will not be able to get what Congress intended: the option to provide workers with a choice of health plans. They will instead be limited to a single plan.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
[BLOGS.SACBEE] Were 
State Sen. Malcolm Smith (D), city Councilman Halloran (R) arrested in 'bribery plot' to rig mayor race
