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Qtec
01-05-2011, 03:07 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> <span style='font-size: 14pt'>There's One Huge State Budget Crisis That Everyone Is Refusing To Talk About</span>

<span style='font-size: 17pt'>You know the story and you know the names: <span style="color: #990000"><u>states like Illinois, New Jersey, New York, and California are supposed to be in huge financial trouble thanks to bloated governments, business-unfriendly regulations, and strong public sector unions.</span></span></u>

After a crisis-free 2010, investors are expected to punish these hotbeds of bad governance in a muni bond market rout, at least if pundits like Meredith Whitney are correct.

<span style='font-size: 14pt'>But there's one state, which is fairly high up on the list of troubled states that nobody is talking about, and there's a reason for it.

The state is Texas.



This month the state's part-time legislature goes back into session, and the state is starting at potentially a $25 billion deficit on a two-year budget of around $95 billion. That's enormous. And there's not much fat to cut.</span> The whole budget is basically education and healthcare spending. Cutting everything else wouldn't do the trick. And though raising this kind of money would be easy on an economy of $1.2 trillion, the new GOP mega-majority in Congress is firmly against raising any revenue.</div></div>


Go figure.

Q

LWW
01-05-2011, 03:14 AM
Where's your link?

At best you have a one sided hack job where you are spoon fed only the portion your handlers want you to repeat.

At worst you have an outright lie you are regurgitating.

Texas has for over 20 years been socking money away in a rainy day fund by combining lean state government with a law requiring that state budget surpluses be set aside in an economic stabilization fund.

There is roughly $10,000,000,000.00 in that fund ... which is funded by oil revenue, and the prices are heading back up.

The bottom line is that you were told the lie that you wanted to hear and never dared to ask whether or not it was accurate ... or even true.

Click <span style='font-size: 14pt'>&gt;&gt;&gt;HERE&lt;&lt;&lt; (http://www.texaspolicy.com/pdf/2011-StabilizationFund-CFP.pdf)</span> Snoopy.

LWW

Qtec
01-05-2011, 03:27 AM
Here you go O' brainless one. Take your pick.

its called Google (http://www.google.nl/search?q=There%27s+One+Huge+State+Budget+Crisis+Th at+Everyone+Is+Refusing+To+Talk+About&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:nl:official&client=firefox-a)

Just a Q. How many times from your last 10 posts- where you have made claims - have YOU provided any link?

Should be easy to check.

Q..........top of the list is http://www.businessinsider.com. Obviously a lefty site.

LWW
01-05-2011, 03:30 AM
Too late bro ... I had already found your myth and slain it by the time you could find your own link.

LWW

Qtec
01-05-2011, 03:39 AM
Are you saying Texas is not in trouble?

wake up Dorothy. (http://www.businessinsider.com/texas-state-budget-crisis-2011-1#15-colorado-1)

Q...facts matter

LWW
01-05-2011, 03:48 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">Are you saying Texas is not in trouble?

wake up Dorothy. (http://www.businessinsider.com/texas-state-budget-crisis-2011-1#15-colorado-1)

Q...facts matter </div></div>

Pay attention Snoopy, because that isn't what I said at all.

After years of leftist voodoo economics in America nearly every state is in trouble. All the state economies are to some degree intertwined.

The point ... which again sailed right over your head ... is that during boom times state's like California expanded spending under the false assumption that hard times would never return. Hence, they hit the wall first and hardest.

OTOH, state's like Texas practiced some semblance of fiscal responsibility and ran surpluses. Those surpluses will at best get them through the democrook recession ... and at worst soften the blow so that they hit the wall softest and later.

The truth is out there brother ... all you need do is stop hiding from it and it will find you.

LWW

Qtec
01-05-2011, 04:41 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">OTOH, state's like Texas practiced some semblance of fiscal responsibility and ran surpluses. </div></div>

How many times does it have to be explalined to you? Provide a link.

Q

LWW
01-05-2011, 06:34 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">OTOH, state's like Texas practiced some semblance of fiscal responsibility and ran surpluses. </div></div>

How many times does it have to be explalined to you? Provide a link.

Q </div></div>

You are actually more like Charlie Brown ... you fall for the same trick every time and never, ever, learn.

I never bluff.

Click &gt;&gt;&gt;HERE&lt;&lt;&lt; (http://www.texaspolicy.com/pdf/2011-StabilizationFund-CFP.pdf) my friend.

LWW

Sev
01-05-2011, 08:07 AM
Thats old news about Texas.

However TX is one of the states seeing positive growth as the exodus from CA continues.

Soflasnapper
01-05-2011, 02:41 PM
LWW: from your link

Though Texas’ ESF was originally established to deal
only with revenue shortages, the Fund’s cash balance
remained low during its first decade because the Legislature
chose to spend the money as soon as it became
available, rather than saving it for later. In fact, it was
not until FY 2002 and 2003 that the ESF’s balance approached
anything of significance, about $1 billion.
-------------------------

So the decades of saving turned out to be-- not so much.

$10 Billion is a nice chunk of change, but not enough to cover $20 to $25 billion in the next two years' shortfalls.

pooltchr
01-05-2011, 03:55 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Soflasnapper</div><div class="ubbcode-body">$10 Billion is a nice chunk of change, but not enough to cover $20 to $25 billion in the next two years' shortfalls.


</div></div>

It certainly puts them in a better position to deal with it than, oh, say, California...

Steve

sack316
01-05-2011, 06:04 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: pooltchr</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Soflasnapper</div><div class="ubbcode-body">$10 Billion is a nice chunk of change, but not enough to cover $20 to $25 billion in the next two years' shortfalls.


</div></div>

It certainly puts them in a better position to deal with it than, oh, say, California...

Steve </div></div>

Not to mention many long term financial commitments that they don't have, as opposed to say NY or NJ (which they may or may not be addressing soon). I will say this, Christie seems to actually get it up there in NJ. I dunno if he'll wind up being able to do anything, but he has been talking the talk pretty well as of late at least.

Sack

LWW
01-06-2011, 04:08 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Soflasnapper</div><div class="ubbcode-body">LWW: from your link

Though Texas’ ESF was originally established to deal
only with revenue shortages, the Fund’s cash balance
remained low during its first decade because the Legislature
chose to spend the money as soon as it became
available, rather than saving it for later. In fact, it was
not until FY 2002 and 2003 that the ESF’s balance approached
anything of significance, about $1 billion.
-------------------------

So the decades of saving turned out to be-- not so much.

$10 Billion is a nice chunk of change, but not enough to cover $20 to $25 billion in the next two years' shortfalls.


</div></div>

So what is your point. You claim that $10B isn't much?

Well ... it's 40% of the projected shortfall.

Now ... how much is in California's rainy day fund? Or Ohio's? Or Illinois? Or the USA's?

LWW

Qtec
01-06-2011, 05:22 AM
Does Texas receive a hand out every year from the Govt?

Answer: Yes they do.


So even when the Blue States have subsidised them for years, no unions etc they STILL are in trouble?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">So why haven't we heard more about Texas, one of the most important economy's in America? <span style='font-size: 17pt'>Well, it's because it doesn't fit the script. <u>It's a pro-business, lean-spending, no-union state. You can't fit it into a nice storyline, so it's ignored.</u></span>

Read more: http://www.businessinsider.com/texas-state-budget-crisis-2011-1##ixzz1AFkPPvhH </div></div>


Q

LWW
01-06-2011, 05:56 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">Does Texas receive a hand out every year from the Govt?

Answer: Yes they do.


Q </div></div>

Actually, the answer is no they don't.

The truth is that the feds receive a handout every year from Texas.

Texas receives back from the fed $0.94 of every $1.00 they pay in.

You really should check out google dude ... you can learn all kinds of stuff, if the truth is what you actually want. I don't think it is what you want.

OH DEAR! (http://www.visualeconomics.com/united-states-federal-tax-dollars/) Snoopy shoots off his own propeller. Again.

LWW

Qtec
01-06-2011, 06:28 AM
Its very simple.

The falsehood being spread by the RW is that States are in trouble because of unions, workers being paid too much, having too many beneifits etc [ which they have worked for and paid for all their working life ] and trying to pass off people standing up for their rights as some kind of subversive Commie/ Mafia leftist workers.

Get real.

Its McCarthyism all over again.

Q

LWW
01-06-2011, 07:15 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">Its very simple.

The falsehood being spread by the RW is that States are in trouble because of unions, workers being paid too much, having too many beneifits etc [ which they have worked for and paid for all their working life ] and trying to pass off people standing up for their rights as some kind of subversive Commie/ Mafia leftist workers.

Get real.

Its McCarthyism all over again.

Q






</div></div>

What's simple is you stated Texas was a state in trouble.

You were wrong.

Then you claimed Texas didn't have billions in a rainy day fund.

You were wrong a second time.

Then you said Texas was receiving handouts from the feds.

You were wrong a third time.

Now you are claiming that none of this was ever your point ... and you are wrong. Again. As usual.

Next deflection?

LWW

eg8r
01-06-2011, 09:07 AM
I guess what he is saying is that Texas isn't too worried about how bad of shape the other states are in because even though they might have 40% that still don't cut it.

eg8r

eg8r
01-06-2011, 09:17 AM
Is this how you say, "you are right, I ran my mouth and was wrong about the great Texas subsidy"? /forums/images/%%GRAEMLIN_URL%%/smile.gif

Most states that are in trouble definitely got there with great help from the unions but ultimately it can be best summed up by saying they spent more than they had. Paying too much for workers and benefits are definitely a big part of that equation.

I have a buddy whose only job is to drive around in his government funded truck and turn off people's water. He doesn't even have to get out of the truck to read the meter. The only thing that takes any thought or physical energy besides obeying traffic laws is picking the right tool to turn off the water. They pay him over $18/hour and he has every holiday off, a ton of vacation days and they also send him to a convention in Las Vegas every year. Not too shabby for a guy that has one tool in his big government funded truck.

eg8r

LWW
01-06-2011, 03:47 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> How many times does it have to be explalined to you? Provide a link.

Q </div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">I don't have to prove anything.

Q </div></div>

Those two quotes make such a lovely pair.

LWW

Qtec
01-07-2011, 02:11 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body">Is this how you say, "you are right, I ran my mouth and was wrong about the great Texas subsidy"? /forums/images/%%GRAEMLIN_URL%%/smile.gif

Most states that are in trouble definitely got there with great help from the unions but ultimately it can be best summed up by saying they spent more than they had. Paying too much for workers and benefits are definitely a big part of that equation.

I have a buddy whose only job is to drive around in his government funded truck and turn off people's water. He doesn't even have to get out of the truck to read the meter. The only thing that takes any thought or physical energy besides obeying traffic laws is picking the right tool to turn off the water. They pay him over $18/hour and he has every holiday off, a ton of vacation days and they also send him to a convention in Las Vegas every year. Not too shabby for a guy that has one tool in his big government funded truck.

eg8r </div></div>

ie, the rich deserve their huge tax breaks and the American worker is over paid. I get it.

Q

LWW
01-07-2011, 06:11 AM
You aren't even in the same county with it, much less getting it.

LWW

eg8r
01-07-2011, 08:18 AM
The rich deserve to be taxed the same as any other American. You are one the one that believes the underachievers deserve something.

eg8r

bobroberts
01-07-2011, 10:34 AM
Lone Star
Why Texas is doing so much better economically than the rest of the nation.
By Daniel Gross
On several measures of economic stress, Texas is doing quite well. The state unemployment rate is 8.2 percent—high, but still one many states would envy. (California's is 12.5 percent; Michigan's is 14.1 percent.) It entered recession later than the rest of the country—Texas was adding jobs through August 2008—and started slowly adding jobs again last fall, thanks mostly to its great position in the largely recession-proof energy industry.
The Texas housing market also has fared better than many. The mortgage delinquency rate (the portion of borrowers three months behind on payments) is 5.78 percent, compared with 8.78 nationwide, according to First American CoreLogic. That's partly because relaxed zoning codes and abundant land kept both price appreciation and speculation down. "House prices didn't experience a bubble in the same way as the rest of the nation," said Anil Kumar, senior economist at the Federal Reserve Bank of Dallas. But it's also because of two attributes not commonly associated with the Longhorn State: financial restraint and comparatively strong regulation. Unlike many of its neighbors, Texas has state laws that prohibited consumers from using home-equity lines of credit to increase borrowing to more than 80 percent of the value of their homes. The upshot: Dallas housing prices have fallen only 7 percent from their 2007 peak, according to the Case-Shiller index.
Advertisement

As it has for decades, energy is driving Texas' economy. But it's not because the state's wells are gushing crude. In November 2009, Texas wells produced 1.08 million barrels per day, about half as much as they did in the late 1980s. In recent years, natural gas has been undergoing a renaissance. The state's production rose about 35 percent between 2004 and 2008. And Texas has received a big boost from a different, renewable source of energy: wind.
In this area, Texas' size and history of independence has enabled it to jump-start a new industry. The state has its own electricity grid, which is not connected to neighboring states. That has allowed it to move swiftly and decisively in deregulating power markets, building new transmission lines, and pursuing alternative sources. "We can build transmission lines without federal jurisdiction and without consulting other states," said Paul Sadler, executive director of the Austin-based Wind Coalition. Ramping up wind power nationally would require connecting energy fields—the windswept, sparsely populated plains—to population centers on the coasts and in the Midwest. Texas' grid already connects the plains of West Texas with consumers in Dallas, Austin, San Antonio, and Houston. Texas recently surpassed 10,000 megawatts of capacity, the most by far of any state and enough to power 3 million homes, Sadler says. Wind energy is also powering employment—creating more than 10,000 jobs so far. And it has attracted foreign companies, including Danish turbine maker Vestas, Spanish renewable-energy giant Iberdrola, and Shell.
Texas today is more suburban engineer than urban cowboy, more Michael Dell than J.R. Ewing. Austin, home to the University of Texas, the state government, and Dell Computer, has a 7 percent unemployment rate. Yes, ExxonMobil is based in Irving.* But the state's energy complex is increasingly focused more on services and technology than on intuition and wildcatting. And it is selling those services into the global oil patch. Russian, Persian Gulf, and African oil developers now come to Houston for equipment, engineering, and software.
While its political leaders may occasionally flirt with secession, Texas thrives on connection. It surpassed California several years ago as the nation's largest exporting state. Manufactured goods like electronics, chemicals, and machinery account for a bigger chunk of Texas' exports than petroleum does. In the first two months of 2010, exports of stuff made in Texas rose 24.3 percent, to $29 billion, from 2009. That's about 10 percent of the nation's total exports. There are more than 700,000 Texan jobs geared to manufacturing goods for export, according to Patrick Jankowski, vice president of research at the Greater Houston Partnership. "A lot of it is capital goods that the Asian, Latin American, and African [countries] are using to build their economies."
Thanks to that embrace of globalization, the Texas turnaround may help lead the nation in its economic turnaround. Texans have always had the ability to think big. Now that their state has become a player in the global economy, we can expect a new kind of swagger.

Soflasnapper
01-07-2011, 12:49 PM
My point was that, contrary to your claim that Texas wisely put in this emergency rainy day fund a long time ago (that part was true), they then SPENT it all along until far more recently.

BTW, rainy day funds are not uncommon-- we have one in Florida, e.g.-- but much or all of them have been exhausted in this worst recession since the Great Depression. That Texas hasn't yet is similar to Alaska's case, where both of them reap large cash benefits from their large oil productions, which ESPECIALLY benefited them hugely from the last runup in oil prices.

Which doesn't speak to fiscal prudence, exactly, but nature's endowment to their respective states, and those states' putting in place strong royalty type taxation of the kind opposed for the benefit of the nation.

LWW
01-07-2011, 12:52 PM
It speaks exactly to fiscal responsibility.

They took in money ... they didn't spend all of it.

Case closed.

If natural resources was the determining factor, then the US would be awash in cash while Japan would be left sitting penniless sitting on a rock.

Please, you are too smart to fall into the nonsense that Q does.

LWW