[quote=harvey][quote=SK in CV]California has a pretty significant surplus.[/quote]

…as well as significant debt/unfunded liabilities.[/quote]

yup,

for a preview of news headlines of what is 99.9% certain in the future for San Diego, California, etc., all ya have to do is read a news clipping in todays paper,… of another part of the world where leadership is DISHONEST and DUMB about finance

[quote]

[“FILL IN THE NAME,…”] files fiscal plan without layoffs, pension cuts

…Puerto Rico ‘s government submitted a required fiscal plan on Thursday that excludes pension cuts and layoffs sought by a federal oversight board as legislators in the U.S. territory angered by its demands debate a bill that would withhold payments for board member salaries, among other things.

http://www.sandiegouniontribune.com/business/sns-bc-cb–puerto-rico-economic-crisis-20180405-story.html

[/quote]

(aside from the named location) only difference being, the problem(s) in the future are going to be magnitudes worst because of compounding factors

http://www.TinyURL.com/DifferentDay

[quote=spdrun]PR and CA are not really comparable. For one thing, different age demographics — PR is heavily weighted towards retirees whereas CA is not.[/quote]

[quote=SK in CV]
Debt per capita is pretty much in the middle of the pack for all states. Unfunded liabilities are probably getting better, the recent change in assumptions notwithstanding. Participants are kicking in substantially more. There is light at the end of the tunnel. It’s just a really long tunnel.
[/quote]

perhaps ya all might want to factor in,…

[quote]
Students rejected from a UC or CSU are leaving California in droves — and may never come back

…The decision to leave the state for college is one a growing number of California families are making. Since 2002, Arizona State University has seen an increase of more than 200 percent in California student enrollment. At Oregon State University, California freshmen made up 3 percent of the incoming class in 2002. By 2017, California freshmen made up nearly 14 percent of Oregon State’s new students.

https://www.scpr.org/news/2018/03/23/81845/thousands-of-qualified-college-hopefuls-will-be-re/
[/quote]

so this news report indicates a trend that to some degree there is a youth brain drain,… which (most likely) is going to have negative “economic” effects in the future

BTW since its the eve of tax day,… one other thing to keep in mind is,… under Trump’s new plan, taxpayers who itemize will be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018. Currently the deduction is unlimited!!!

so given yet another (future) limitation,… here its important for taxpayers (in California) to be aware of yet another potential economic head wind (i.e. yet another shovel full of “self-interested political bull-$hit”)

[quote]
That ‘split roll’ you heard about? Less a Prop. 13 fix than a pension bailout

Proposition 13, the landmark 1978 ballot measure credited with touching off a national anti-tax revolution, has never stopped being controversial. Critics say its cap on annual property tax increases and its two-thirds voting requirement for government bodies to impose new or higher taxes has hamstrung California and been a public policy disaster. That argument, of course, is undercut by the fact that — despite these obstacles — state residents still have among the nation’s highest overall tax burdens.

http://www.sandiegouniontribune.com/opinion/editorials/sd-split-roll-proposition-13-story.html
[/quote]

the preverbal straw that is going to break the camel’s back is,… the “California rule” which implies the tax payers are the designated financial backstop for various corrupt/mismanaged pension portfolio(s),… said another way,… taxpayers are between a rock and a hard place WRT various debt obligations

NOTE local politicians and partisan supports of status quo public pension payouts, are silent on the root cause of the problem(s) (e.g. a 13th pension payment, not fully funding the pension in the first place, etc.) because they don’t want to acknowledge the problem they themselves created

as I see things, its important to understand the various mechanisms that caused the problem in the first place, so that they can be addressed,… sadly it seems politicians seem to think that by avoiding the subject that somehow finances will somehow fix themselves,… IT WON’T

http://www.TinyURL.com/DifferentDay

if financial mismanagement which is the root cause of the problem is not addressed, IMHO we are going to see symptoms like homelessness AND prices of various “real estate” continue on an upward trend because those that can afford to live w/ an increased government burden will thrive (up to a point),… while those that cannot afford to live w/ an increased government burden will be crushed!

http://www.TinyURL.com/SanDiegoProp13