Home › Forums › Financial Markets/Economics › Why California is broke, and Texas is not
- This topic has 6 replies, 5 voices, and was last updated 11 years, 12 months ago by ocrenter.
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October 11, 2012 at 8:40 AM #20185October 11, 2012 at 9:01 AM #752456The-ShovelerParticipant
Hate to be a party pooper but,
Perry, a Republican, campaigned on the strength of the Texas economy and made political hay of the fact the Lone Star state had avoided California’s massive deficit, pegged at $25.4 billion through the upcoming budget year.
Now Texas faces a budget deficit estimated as high as $27 billion for the upcoming two-year cycle of 2012-2013. To close the gap, state legislators have proposed steep cuts in funding to education and welfare programs.
California and Texas are in similar budgetary dire straits following a painful U.S. recession that severely crimped state tax receipts and other critical revenue sources.
How the debate plays out in Austin and Sacramento will be watched closely by the $2.8 trillion U.S. municipal bond market, which states could tap to cover their shortfalls. California, which has the world’s eighth-largest economy, is the market’s biggest debt issuer.
October 11, 2012 at 9:53 AM #752464ocrenterParticipantthe Texas deficit came about because of reduced sales tax collected during the recession.
answer: initiate coyote breeding program. increase need for gun and ammo purchases. thus increase sales tax revenue.
October 11, 2012 at 11:22 AM #752474outtamojoParticipant“‘Good Samaritan’ kills teen, wounds other while thwarting armed robbery.”
Texans? who needs ’em.
October 11, 2012 at 11:29 AM #752475ocrenterParticipant[quote=outtamojo]”‘Good Samaritan’ kills teen, wounds other while thwarting armed robbery.”
Texans? who needs ’em.
teens = coyote, in Texas they would criticize the “good samaritan” for the pathetic 50% kill rate.
October 11, 2012 at 11:40 AM #752479SD RealtorParticipantHave you ever spent substantial time in Texas?
October 11, 2012 at 11:50 AM #752480ocrenterParticipant[quote=SD Realtor]Have you ever spent substantial time in Texas?[/quote]
sorry, just going along with the spirit of the OP joke. If they can make fun of us, I think they can handle the back and forth just fine.
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