Google 'reuters california budge surplus'
For years I listened as the general consensus declared CA a basket case.
General consenus is wrong. California's back. 7th largest economy in the world.
As California, America soon.
unafulber, we raised taxes and income taxes are up (people are making more, selling more stock, etc, etc).
So the budget is better.
The democrats also have a super majority in California after last falls election, so if things were severely screwed up still, they could pass new taxes or do what they want without any grid lock.
The republican party right now has no clout and can't do anything.
I'm not saying this is the right thing, I'm just stating is as a fact.
Well, Cali has come back stronger than I realized. I was reading the newspaper just now, and the lead story is about the projected $841 million CA surplus for 2013. That is good news; let's hope it happens. Several billion surplus projected for 2014.
This, of course, doesn't include the $27 billion the state borrowed over the past two years (that has to be paid back) and the $500 billion in unfunded pension liabilities for state employees. And, to put a cherry on top, the state received tax payments of accelerated capital gains of about $7 billion that will reduce budgeted payments by the same amount over the next year. My bet - $2 billion deficit by fiscal year end (June 30) and $4 billion deficit for 2014 fiscal year - plus the $27 billion the state will still owe.
Budget surplus? Not in the Cali I live in.
But things are getting better, and the Bay Area where I live is smokin' with technology leading the way. Some real estate is now higher than in the hay day a few years ago.
I have been getting phone calls at home and a lot of emails from recruiters. It would seem that we might be entering another tech startup phase but I'm not 100% sure. If they cut the defense budget in the near future I suspect that many of the laid off engineers will flood into those companies. They will be able to hire them on the cheap.