At This Rate, California

The strong "forecast", eh? Yeah, we remember the last time California forecasted a strong showing in their budget, only to fall short because of accounting gimmicks and errors.
 
Quote from Tsing Tao:

The strong "forecast", eh? Yeah, we remember the last time California forecasted a strong showing in their budget, only to fall short because of accounting gimmicks and errors.
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Perhaps the situation will, someday, turn out badly instead (as the article admits) and you'll be able to "bask" in your victory. : )
 
LOL

Recent estimates show that accounts dedicated to teacher pensions and retiree healthcare for public employees are underfunded by $135 billion.

When the current fiscal year ends next June, the state could have a surplus of $2.2 billion, more than twice the size of earlier projections.

Ignore the 135 billion debt and you "might" have a 2.2 billion surplus.

Only a west coast idiot would have the courage to actually say that in public.

I am sure the analysts have a strong buy on Stockton and Detroit munis.
 
Quote from John_Wensink:

LOL

Recent estimates show that accounts dedicated to teacher pensions and retiree healthcare for public employees are underfunded by $135 billion.

When the current fiscal year ends next June, the state could have a surplus of $2.2 billion, more than twice the size of earlier projections.

Ignore the 135 billion debt and you "might" have a 2.2 billion surplus.

Only a west coast idiot would have the courage to actually say that in public.

I am sure the analysts have a strong buy on Stockton and Detroit munis.
More...
Don't you think taking the pensions away from all those greedy public employees is a good thing, though?
 
Quote from John_Wensink:

LOL

Recent estimates show that accounts dedicated to teacher pensions and retiree healthcare for public employees are underfunded by $135 billion.

When the current fiscal year ends next June, the state could have a surplus of $2.2 billion, more than twice the size of earlier projections.

Ignore the 135 billion debt and you "might" have a 2.2 billion surplus.

Only a west coast idiot would have the courage to actually say that in public.

I am sure the analysts have a strong buy on Stockton and Detroit munis.
More...

Don't bother the Kalifornia Kid with facts.
 
Quote from Ricter:

Don't you think taking the pensions away from all those greedy public employees is a good thing, though?
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Absolutely would be. But it's not going to happen - or did you have another article somewhere detailing how CalPERs is going to allow a pension cut?

If not, then we're back to "California is broke".
 
Quote from Tsing Tao:

Absolutely would be. But it's not going to happen - or did you have another article somewhere detailing how CalPERs is going to allow a pension cut?

If not, then we're back to "California is broke".
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Of course none of those pension obligations could be paid anyway if the state's budgetary news wasn't improving, which it is.
 
Quote from Tsing Tao:

The strong "forecast", eh? Yeah, we remember the last time California forecasted a strong showing in their budget, only to fall short because of accounting gimmicks and errors.
More...
Krugman accounting practices?
 
Quote from Ricter:

Of course none of those pension obligations could be paid anyway if the state's budgetary news wasn't improving, which it is.
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A dead cat bounce is now "improving".
 
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