Unfailed: California's budget outlook best in years...

I'm sure there is a huge demand to go from Fresno to Madera.

It seems like I've been hearing about high-speed rails from SF to LA and LA to Vegas since I was a teenager.

 

Surpluses don't just generate the "let's spend the money on this project" response. They also generate the "cut taxes" response.

From some people, they generate both responses.

Nobody ever seems to say "pay off outstanding debts," whether it's at the federal, state or local level.

 

This thread title belongs in the "World's Tallest Midget" category.

 

Until they do something about the pensions being paid out, I can't imagine California being in decent shape financially.

 

Pensions are never going to be "paid out" because they are a continuing liability and based upon whether the reserves in hand plus the anticipated future revenues cover the pension obligations; that's the whole foundation of pensions (I used to be a building trades pension fund attorney).

The question is whether the actuaries have made a "conservative" model or "aggressive" model in what future revenues are needed. "Fully funded", which is the key issue, means whether the fund can pay out all current and future liabilities or not, based on the future revenues (new payments and returns on investments).

A surplus is a big thing here in the Golden State, it just shows that if you are willing to pay for things (taxes), you do not have to deficit spend. As a taxpayer, I'm proud that we have taken steps to get our house in order. In our local schools, the monies are having an impact.

 

YES! YES! YES!

High-speed rail financing struck down by judge, project in jeopardy

http://www.mercurynews.com/california-high-speed-rail/ci_24598004/high-speed-rail-financing-struck-down-by-judge

 

Yeah, because the midget in question can't stand tall enough to see the $640 Billion unfunded liabilities in the pension program. They're in great shape, alright. Just a few more "responsible tax increases" from that brave supermajority and things will be peachy keen.

 

Great news: Judge halts funding of the bullet train

http://www.latimes.com/local/lanow/la-me-ln-judge-blocks-state-funding-bullet-train-20131125,0,725258.story#axzz2liPHjj7I

 

Hedley Lamarr: Qualifications?
Applicant: Rape, murder, arson, and rape.
Hedley Lamarr: You said rape twice.
Applicant: I like rape.

 

Still my No. 1 movie on my iPhone/iPad.

 

Its looking at a deficit of $71 billion alone from the teacher's pension.

The second-largest public pension fund in the country, after California's primary pension system for public employees, it faces a $71-billion shortfall that worsens by $22 million every day, according to pension officials.

That's just the teacher pension, not the big Kahuna, the firefighter/cop/pencil pusher pension.

http://www.latimes.com/local/la-me-teacher-pensions-20140221,0,3987312.story#ixzz2u062RUpC

 

So, you get rid of traditional pensions. You get rid of Social Security and Medicare (or severely trim them back until they're useless) because they're entitlement programs sucking this great nation dry. Does anyone believe that 401(k)s are going to pick up the slack?

I know the nuclear option is only favored by a few. But really, how much do you cut until retirement for most people becomes like it was in the 1900s, grim and cheerless and if you were lucky, the kids let you hole up in the basement?