Comments on: California Voters Respond To Deficit http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/ Life. Liberty. Property. Defending individual freedom and liberty, one post at a time. Wed, 08 Feb 2012 17:04:34 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Quincy http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61106 Quincy Wed, 12 Nov 2008 01:26:00 +0000 http://www.thelibertypapers.org/?p=3169#comment-61106 Akston - Much appreciated, as a citizen of the fair state. In addition, could you send over a few thousand bucks so Brad and I can buy some spraypaint and start tagging things with "TANSTAAFL"? Akston –

Much appreciated, as a citizen of the fair state. In addition, could you send over a few thousand bucks so Brad and I can buy some spraypaint and start tagging things with “TANSTAAFL”?

]]> By: Akston http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61100 Akston Tue, 11 Nov 2008 22:48:15 +0000 http://www.thelibertypapers.org/?p=3169#comment-61100 <blockquote>The US Government is $10T in debt on about $3T in revenue per year, but they’ve got the trump card in that they can print their way out of debt. California cannot. Should such financial mismanagement continue, I would *NOT* be surprised to see individual states running to the Feds for a bailout. It might not be a true “failure” of those states, but then the Feds have shown that they’ll step in to avert failure, not just to clean up after one.</blockquote> So California can still effectively print its way out of debt. They just have to do it indirectly by asking their Uncle Sam to print some up for them. I don't live in California, but I'm more than happy to help out by paying more for everything I buy and devaluing my savings for you guys. Least I can do.

The US Government is $10T in debt on about $3T in revenue per year, but they’ve got the trump card in that they can print their way out of debt. California cannot.

Should such financial mismanagement continue, I would *NOT* be surprised to see individual states running to the Feds for a bailout. It might not be a true “failure” of those states, but then the Feds have shown that they’ll step in to avert failure, not just to clean up after one.

So California can still effectively print its way out of debt. They just have to do it indirectly by asking their Uncle Sam to print some up for them.

I don’t live in California, but I’m more than happy to help out by paying more for everything I buy and devaluing my savings for you guys. Least I can do.

]]> By: Brad Warbiany http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61093 Brad Warbiany Tue, 11 Nov 2008 21:28:13 +0000 http://www.thelibertypapers.org/?p=3169#comment-61093 Paul, I'm not saying necessarily that California will fail. California currently receives roughly $100B in tax revenues each year, and their debt is about $60B (near as I can tell), with quite a bit "on tap" for programs that have been authorized but haven't commenced borrowing. This is now occurring in a major housing price slump and capital gains slump, which is savaging the state's finances. The first linked story above is California's attempts to close an $11B budget deficit. It might be a positive thing if the voters here decided to be a little bit more thrifty, but the results of Prop 1A show that's not the case. So what do we have? 1) A state that's heavily in debt and increasing their burden. 2) No political will to reverse the above. 3) Unlike the US Government, California must tax to pay their debt, and does not have their own monetary printing press. The US Government is $10T in debt on about $3T in revenue per year, but they've got the trump card in that they can print their way out of debt. California cannot. Should such financial mismanagement continue, I would *NOT* be surprised to see individual states running to the Feds for a bailout. It might not be a true "failure" of those states, but then the Feds have shown that they'll step in to avert failure, not just to clean up after one. Paul,

I’m not saying necessarily that California will fail. California currently receives roughly $100B in tax revenues each year, and their debt is about $60B (near as I can tell), with quite a bit “on tap” for programs that have been authorized but haven’t commenced borrowing.

This is now occurring in a major housing price slump and capital gains slump, which is savaging the state’s finances. The first linked story above is California’s attempts to close an $11B budget deficit.

It might be a positive thing if the voters here decided to be a little bit more thrifty, but the results of Prop 1A show that’s not the case.

So what do we have?

1) A state that’s heavily in debt and increasing their burden.
2) No political will to reverse the above.
3) Unlike the US Government, California must tax to pay their debt, and does not have their own monetary printing press.

The US Government is $10T in debt on about $3T in revenue per year, but they’ve got the trump card in that they can print their way out of debt. California cannot.

Should such financial mismanagement continue, I would *NOT* be surprised to see individual states running to the Feds for a bailout. It might not be a true “failure” of those states, but then the Feds have shown that they’ll step in to avert failure, not just to clean up after one.

]]> By: Paul http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61091 Paul Tue, 11 Nov 2008 21:01:57 +0000 http://www.thelibertypapers.org/?p=3169#comment-61091 Brad, What's the likelihood of California failing? And to what extent? It's a troublesome thought, and I'd like to hear more details about this theory. Brad,

What’s the likelihood of California failing? And to what extent? It’s a troublesome thought, and I’d like to hear more details about this theory.

]]> By: Brad Warbiany http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61088 Brad Warbiany Tue, 11 Nov 2008 19:37:01 +0000 http://www.thelibertypapers.org/?p=3169#comment-61088 Terry, You're absolutely right. If they think AIG is too big to fail, wait until California is in danger. Maybe a repeat of <a href="http://en.wikipedia.org/wiki/First_Report_on_the_Public_Credit" rel="nofollow">assumption of state debt</a>? Terry,

You’re absolutely right. If they think AIG is too big to fail, wait until California is in danger. Maybe a repeat of assumption of state debt?

]]> By: TerryP http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61086 TerryP Tue, 11 Nov 2008 15:14:05 +0000 http://www.thelibertypapers.org/?p=3169#comment-61086 The real problem will come when they start asking the rest of us to bail them out and I am pretty sure that Obama and his clan will have no heistation in just giving them our money to cover their bad decisions. Their bad decisions will just keep getting worse. The real problem will come when they start asking the rest of us to bail them out and I am pretty sure that Obama and his clan will have no heistation in just giving them our money to cover their bad decisions. Their bad decisions will just keep getting worse.

]]> By: Brittanicus http://www.thelibertypapers.org/2008/11/10/california-voters-respond-to-deficit/#comment-61076 Brittanicus Tue, 11 Nov 2008 01:31:21 +0000 http://www.thelibertypapers.org/?p=3169#comment-61076 THEY SAY THAT WHEN CALIFORNIA CATCHES A COLD, IT SPREADS QUICKLY TO EVERY CORNER OF THE UNITED STATES? California is $11 billion dollars in the red, attributed to the illegal alien invasion of LOS ANGELES. So now they are looking for ways to cut programs, so has gone the rest of the country. CUT OFF STATE WELFARE PAYMENTS TO ILLEGAL IMMIGRANTS. 37 million people illegal aliens here, according to Tucson sector Border Patrol union local 2544--NOT 13 MILLION, AS THE NUMBERS HAVE BEEN MANIPULATED BY THE LIBERAL NATIONAL PRESS AND SPECIAL INTEREST LOBBY. An additional half-million coming every year. A massive financial impact on our economy by importing the worlds poor. TELL CALIFORNIA'S TAXPAYERS TO PASS (H.R.1942), TO TERMINATE ALL FREE WELFARE HANDOUTS TO ILLEGAL ALIENS! The corrupt LIBERAL-politicians and judiciary stole your future away from you by pandering to illegal foreign nationals. www.numbersusa.com for facts not lies. Write or e-mail California representative or state senator TODAY! NOW! at www.assembly.ca.gov/clerk/MEMBERINFORMATION/memberdir_1.asp THEY SAY THAT WHEN CALIFORNIA CATCHES A COLD, IT SPREADS QUICKLY TO EVERY CORNER OF THE UNITED STATES?
California is $11 billion dollars in the red, attributed to the illegal alien invasion of LOS ANGELES. So now they are looking for ways to cut programs, so has gone the rest of the country. CUT OFF STATE WELFARE PAYMENTS TO ILLEGAL IMMIGRANTS. 37 million people illegal aliens here, according to Tucson sector Border Patrol union local 2544–NOT 13 MILLION, AS THE NUMBERS HAVE BEEN MANIPULATED BY THE LIBERAL NATIONAL PRESS AND SPECIAL INTEREST LOBBY.

An additional half-million coming every year. A massive financial impact on our economy by importing the worlds poor.

TELL CALIFORNIA’S TAXPAYERS TO PASS (H.R.1942), TO TERMINATE ALL FREE WELFARE HANDOUTS TO ILLEGAL ALIENS! The corrupt LIBERAL-politicians and judiciary stole your future away from you by pandering to illegal foreign nationals. http://www.numbersusa.com for facts not lies.

Write or e-mail California representative or state senator TODAY! NOW! at http://www.assembly.ca.gov/clerk/MEMBERINFORMATION/memberdir_1.asp

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