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Fri May 22, 2020, 01:48 PM

This is why California is broke.


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3 replies, 147 views

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Reply This is why California is broke. (Original post)
Let it go May 22 OP
AmandaCMatthews May 22 #1
jh4freedom May 22 #2
Let it go May 22 #3

Response to Let it go (Original post)

Fri May 22, 2020, 03:39 PM

1. I saw that yesterday. Amazing, isnt it? They wont

pay their bills, they expect other stated to carry the load.

No way. Nothing for NY either.

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Response to Let it go (Original post)

Fri May 22, 2020, 04:02 PM

2. We'll be fine (with a little help from the feds next stimulus)

Until COVID-19 we were running an annual budget surplus and we had to amend state law to allow the governor to put more money in our rainy day fund. It was full.

"Coronavirus threatens to wipe out California’s $21-billion surplus. And it could get worse"
https://www.latimes.com/california/story/2020-03-25/california-20-billion-budget-reserve-may-get-wiped-out-by-coronavirus-crisis

DIPPING INTO THE RAINY DAY FUND
Just how much money does California have socked away for a rainy day, anyway?
"According to the Legislative Analyst’s Office, there’s just about $17.5 billion stashed away in the state’s reserve accounts, with most of that money sitting in the Budget Stabilization Account."
https://www.sacbee.com/news/politics-government/capitol-alert/article241800451.html#storylink=cpy

In 2018 we moved passed the United Kingdom to become the 5th largest economy on the planet and our high rate of taxation was bringing in gobs of money. Our unfunded pension liabilities are like a home mortgage, they are pro-rated over decades.They would only hurt if millions retired all at once.

Yes, we pay high salaries here. A community college administrator, director of human resources recently got hired at &330,000 per year.
"Southwestern College approves $330,000 salary for HR executive, calls it ‘hard to swallow’"
https://www.sandiegouniontribune.com/news/education/story/2019-05-14/southwestern-college-approves-330-000-salary-for-human-resources-executive


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Response to jh4freedom (Reply #2)

Fri May 22, 2020, 05:18 PM

3. Unemployment is 27% in California.

And all those top salaries are not those of the unemployed.

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