California treasurer warns of IOUs, if no cuts

[^_^ 5,021]

No wonder Palin is so popular. And I thought it was just her political assets.

Funny, that image never gets old.

Of course, that still doesn't change the fact that BEA data shows Alaska with a higher per capita GDP than California.

[The_Dude 1,142]

Funny, that image never gets old.

Of course, that still doesn't change the fact that BEA data shows Alaska with a higher per capita GDP than California.

If you look at global GDP per capita, Qatar and Luxembourg lead by a large margin. Something about inconsequential states quoting per capita figures to assuage their irrelevance.

[mawilson 2,133]

Well, isn't it time for Californians to pay their state taxes in IOUs as well?

That would be fair. Might as well declare the "IOU" the new official currency

of the State of California and be done with it.

[The_Dude 1,142]

That would be fair. Might as well declare the "IOU" the new official currency

of the State of California and be done with it.

Gotta love prop 13.

[^_^ 5,021]

If you look at global GDP per capita, Qatar and Luxembourg lead by a large margin. Something about inconsequential states quoting per capita figures to assuage their irrelevance.

You guys have gloating rights compared to Texas. They're far down the list. But Cali looks downright sad compared to New York. Or even Connecticut

[DEDixon 39]

Gotta love prop 13.

prop 13 has nothing to do with CA's budget issues - absolutely nothing. libs says without it the state would have more revenue, but guess what, the libs would only spend is all just like the revenue they have now.

let's say no prop 13 existed tomorrow, CA raises property taxes, brings in a lot of cash, CA is cash rich for about a decade then the pols start making those rosy property tax revenue projections and spending based on them and CA is right were it started.

bottom line is prop 13 does exist so there is X amount to spend, X is what should be spent, not X plus.

[SuperDuper! 230]

prop 13 has nothing to do with CA's budget issues - absolutely nothing. libs says without it the state would have more revenue, but guess what, the libs would only spend is all just like the revenue they have now.

let's say no prop 13 existed tomorrow, CA raises property taxes, brings in a lot of cash, CA is cash rich for about a decade then the pols start making those rosy property tax revenue projections and spending based on them and CA is right were it started.

bottom line is prop 13 does exist so there is X amount to spend, X is what should be spent, not X plus.

+1

VJ common sense post of the day award!

Prop 13 protects grandma from being taxed out of her house.

Anyone who says drop Prop 13 is throwing grandma under the bus.

Rock on, Grandma!

Edited January 24, 2011 by Boing!

[The_Dude 1,142]

prop 13 has nothing to do with CA's budget issues - absolutely nothing. libs says without it the state would have more revenue, but guess what, the libs would only spend is all just like the revenue they have now.

let's say no prop 13 existed tomorrow, CA raises property taxes, brings in a lot of cash, CA is cash rich for about a decade then the pols start making those rosy property tax revenue projections and spending based on them and CA is right were it started.

bottom line is prop 13 does exist so there is X amount to spend, X is what should be spent, not X plus.

Now you're starting to sound like Marc. You post that with your best Hulk Hogan voice? You really are absurd.

[mawilson 2,133]

Now you're starting to sound like Marc. You post that with your best Hulk Hogan voice? You really are absurd.

No, you are - he's spot on.

[The_Dude 1,142]

No, you are - he's spot on.