California's Phony Budget Surplus

[longknife]

David Henderson

My personal finances are doing great. I have a "surplus." I saved $1,000 last month after paying all my expenses. Well, not all my expenses. I didn't pay my $1,500 monthly mortgage. But, hey, don't be picky.

The above is something I made up. Actually, my personal finances are great and this is after never having missed a mortgage payment in 27 years. (OK, I was a few days late once but the stiff 5% penalty on that payment caused me never to be late again.)

But here's what's not made up:

And California, which faced a $26 billion deficit two years ago, expects a surplus of between $1.2 billion and $4.4 billion this year, thanks to a combination of tax increases, budget cuts and an improving economy. But it could be erased if the state were to adequately finance its teachers' pension fund, which says it will need an additional $4.5 billion a year, much of it from the state, to pay the benefits it promised.

Read more @ California's Phony Budget Surplus, David Henderson | EconLog | Library of Economics and Liberty Yet another attempt by the Libtard politicians in Kalifornya to lie to the public! The house of cards will fall before the year is out.

 

[martybegan]

David Henderson

My personal finances are doing great. I have a "surplus." I saved $1,000 last month after paying all my expenses. Well, not all my expenses. I didn't pay my $1,500 monthly mortgage. But, hey, don't be picky.

The above is something I made up. Actually, my personal finances are great and this is after never having missed a mortgage payment in 27 years. (OK, I was a few days late once but the stiff 5% penalty on that payment caused me never to be late again.)

But here's what's not made up:

And California, which faced a $26 billion deficit two years ago, expects a surplus of between $1.2 billion and $4.4 billion this year, thanks to a combination of tax increases, budget cuts and an improving economy. But it could be erased if the state were to adequately finance its teachers' pension fund, which says it will need an additional $4.5 billion a year, much of it from the state, to pay the benefits it promised.

Read more @ California's Phony Budget Surplus, David Henderson | EconLog | Library of Economics and Liberty Yet another attempt by the Libtard politicians in Kalifornya to lie to the public! The house of cards will fall before the year is out.

Expectations and what is actually left in the bank account is two different things.

 

[Mr. H.]

Reminds me of the constant fight my sister has with her idiot husband.
If it's in the bank, is spendable regardless of how many checks you wrote that morning.

 

[blastoff]

Um...you got to admit there are certain advantages to having a huge base of low information voters. Such simple math is way too much work to have to do all by one's self and the folks at the top making the b.s. up know it better than anyone.