Obamacare is not what I was talking about. It's not universal, and it doesn't move the problem on from employers.
Orange County was at the time the largest US county to have gone bankrupt, when in 1994 longtime treasurer Robert Citron's investment strategies left the county with inadequate capital to allow for any raise in interest rates for its trading positions. When the conservative residents of Orange County voted down a proposal to raise taxes in order to balance the budget, bankruptcy followed soon after.
rickyp wrote:I think I am aware of the pension and health care issue. I just don't think that this is the singular reason the education budget got to be 52% of the state budget. If it is, what is the fix? (And I quoted the actual California tax rates, so i know those too.)
danivon wrote:Essentially the issue stemmed from a reluctance to pay taxes to cover spending, and one guy having a (dumb) idea on how to deal with it. If taxes had been palatable as a means of covering the County's costs, creative ideas involving leveraging bonds would not have been likely considered.
I guess that the County residents ended up paying for it somehow in the end.
Well, I can tell you that for my local school district (Neshaminy School District, which is locked in a protracted 4 year contract dispute) payroll costs accounts for approximately 80% of the district's budget.
Remember when Obama was railing on about "the tax-break for corporate jets," during the debt-ceiling fights of 2011? He repeatedly invoked this "tax break," which was really about how some corporate jets were depreciated over five years instead of seven. The message was clear: Republicans are in bed with corporate-jet owners. His loyal legions on the Left joined the chant.
But today, Obama's export-subsidy chief promised a billion dollars in taxpayer-backed subsidies for corporate jets, according to Bloomberg News.
Fred Hochberg heads the Export-Import Bank, a federal agency that subsidizes U.S. exports by loaning money or guaranteeing loans to foreign buyers of U.S. goods. Bloomberg reports:
rickyp wrote:Is the portion of this in Neshaminy that is counted as benefits (pension and health care) as high as California (37%)?
Thats the part that I find appalling in California...
But, considering that we would be in the top 8 GDP if we were a country, I wouldn't crow too much about it if I were another (Red) state.,
freeman2 wrote:A large part of California's budget is non-discretionary because of the referendum process.
Voters constantly are asked to approve various bond measures (particularly for education). So when a recession hits and you have the requirement to balance the state budget, and you cannot cut funding for the numerous bond measures approved by voters, you are faced with almost impossible decisions to just gut discretioary programs.
But, considering that we would be in the top 8 GDP if we were a country, I wouldn't crow too much about it if I were another (Red) state.,
As a presidential candidate in 2008, Barack Obama disavowed any connection with former domestic terrorist Bill Ayers, the Weather Underground radical who was one of Obama's early backers and his colleague on the board of the Woods Fund in Chicago. We now have proof that Obama's association with Ayers continued even after Obama had been elected to represent Illinois in the U.S. Senate--in the form of a now-scrubbed blog post placing Obama at the home of Ayers and his wife, fellow radical Bernadine Dohrn, on July 4, 2005.
danivon wrote:Winning a renewed mandate after massively outspending his opponent? I rather think that's what Obama hopes to do in November. If he does, will it quieten down the whining from dexter?