Report: California state debt twice that of New York’s, more than Greece

[I AM NOT THAT GUY 5,715]

old people tell me AC was even worse in the 70s and 80s.

it sucks now so i find that very difficult to comprehend.

Yeah, I was there in 1988, January or February, I think. Place was dead. Lots of Asians playing Pai Gow. Not much else happening.

Edited September 19, 2012 by The Patriot

[Bad_Daddy 2,209]

From the Alaska Dispatch - which you quoted earlier.

Alaska's debt load highest in US

http://www.alaskajournal.com/Alaska-Journal-of-Commerce/AJOC-February-12-2012/Legislature-tackles-oil-taxes-pension-debt-school-funding-and-gas-pipelines/

State lawmakers are grappling with oil taxes, a $10-billion-plus pension liability, a $10 billion-plus budget, school funding and gas pipeline issues as the 2012 legislative session nears the 30-day mark in its scheduled 90-day session.

Parnell, however, is cautious about locking up some of the state’s current surplus, estimated at more than $13 billion not including the Alaska Permanent Fund.

http://gov.alaska.gov/parnell/press-room/full-press-release.html?pr=6002

Alaska's Credit Rating Raise to AAA by S&P

January 6, 2012, Anchorage, Alaska – The Department of Revenue today confirmed the State of Alaska’s bond rating has been upgraded to AAA, the highest grade, by Standard and Poor’s (S&P) Ratings Services. This is the second AAA rating in the state’s history, which reflects the state’s practice of maintaining exceptionally large reserves, extensive fiscal flexibility, and despite its deep financial resources, budgetary restraint.

Edited September 19, 2012 by Bad_Daddy

[Mr. Big Dog 10,747]

http://www.alaskajournal.com/Alaska-Journal-of-Commerce/AJOC-February-12-2012/Legislature-tackles-oil-taxes-pension-debt-school-funding-and-gas-pipelines/

State lawmakers are grappling with oil taxes, a $10-billion-plus pension liability, a $10 billion-plus budget, school funding and gas pipeline issues as the 2012 legislative session nears the 30-day mark in its scheduled 90-day session.

Parnell, however, is cautious about locking up some of the state’s current surplus, estimated at more than $13 billion not including the Alaska Permanent Fund.

http://gov.alaska.gov/parnell/press-room/full-press-release.html?pr=6002

Alaska's Credit Rating Raise to AAA by S&P

January 6, 2012, Anchorage, Alaska – The Department of Revenue today confirmed the State of Alaska’s bond rating has been upgraded to AAA, the highest grade, by Standard and Poor’s (S&P) Ratings Services. This is the second AAA rating in the state’s history, which reflects the state’s practice of maintaining exceptionally large reserves, extensive fiscal flexibility, and despite its deep financial resources, budgetary restraint.

I saw that your debt had declined down to 22.5 billion or so. Not bad. Oil rich Alberta, on the other hand, simply retired all of it's debt and did so 8 years ago.

[Bad_Daddy 2,209]

I saw that your debt had declined down to 22.5 billion or so. Not bad. Oil rich Alberta, on the other hand, simply retired all of it's debt and did so 8 years ago.

Maybe mawilson can answer this one if he see's this post, but for some strange reason they say we need to keep some form of debt. Don't ask me why, and I have no idea why. It makes no sense. I mean the state could have paid off all it's debts years ago.

[Bad_Daddy 2,209]

http://blogs.sacbee.com/capitolalertlatest/2012/07/california-has-nations-worst-credit-rating-pew-study-finds.html

California has nation's worst credit rating, Pew study finds

July 13, 2012

California has the worst credit rating of any state now and the nation's worst credit rating record over the past 11 years, according to a new nationwide compilation by the Pew Center on the States.

The compilation is based on Standard and Poor's credit ratings and covers every year since 2001. Thirteen states sit atop the Pew chart with AAA credit ratings while California is alone at the bottom at A-minus and is the only state to dip to the worst possible rating, BBB, during the 11-year period.

That happened in 2003, during a state budget crisis so severe that then-Gov. Gray Davis was recalled. The highest rating California achieved during the period, A-plus, came in 2006.

"The states with the lowest grades typically have trouble keeping their spending in line with their tax revenues." Pew's Stephen C. Fehr writes in an explanation of the research. That observation applies to California, which has struggled to balance its budget for the past decade and whose current budget assumes that voters will approve sales and income tax increases in November.

Credit ratings affect the interest that states and other public entities must pay on their bonds. California politicians have tended to downplay their significance, however, citing a provision of the state constitution that gives high priority to bond service, the state's unblemished record of making bond payments, and the apparent willingness of lenders to buy the state's debt offerings, albeit at somewhat higher interest rates than those paid by other states.

Four states - Missouri, North Carolina, Virginia and Utah - have held AAA credit ratings for 46 years or more, Pew noted.

[Mr. Big Dog 10,747]

You can hate on Cali all you want. The state smokes Alaska economically - in fact, it smokes most national economies on the face of this earth. And the state is more attractive than Alaska to most people and to most businesses. Simple as that, really. I know that it's easy to develop inferiority complexes living in a place like Alaska. With all this hating on California, you do come across as a bit Palinesque sometimes. Fitting, ain't it?

Edited September 19, 2012 by Mr. Big Dog

[Bad_Daddy 2,209]

You can hate on Cali all you want. The state smokes Alaska economically - in fact, it smokes most national economies on the face of this earth. And the state is more attractive than Alaska to most people and to most businesses. Simple as that, really. I know that it's easy to develop inferiority complexes living in a place like Alaska. With all this hating on California, you do come across as a bit Palinesque sometimes. Fitting, ain't it?

Here's a free economic lesson from a guy with a GED. GDP doesn't mean jack ####### if you spend more than you take in. If a person makes $60,000 a year, but spends $70,000 a year they go broke.

Let's take India for example. It has a GDP of $1.676 trillion (nominal) yet it's public debt stood at 68%. So again California's GDP doesn't mean jack #######...just take a look at it's credit rating. The best part of all this is that California is the Liberal Utopia that all you libs live for. Welcome to reality 101.

Edited September 19, 2012 by Bad_Daddy

[Mr. Big Dog 10,747]

The best part of all this is that California is the Liberal Utopia that all you libs live for. Welcome to reality 101.

California is a liberal utopia? Now if you had said that Finland is a liberal utopia or Sweden or Norway or Denmark or even Germany, The Netherlands or France then I would have said you have a point. But California? Not even close. Sorry, but you haven't arrived in reality 101 yet - so you don't get to welcome anyone to it.

[MyLittlePony 340]

Who wants to live in Alaska -below freezing temps i sure as hell not my private parts would get hypothermia.

Edited September 19, 2012 by big dog

[Bad_Daddy 2,209]

Who wants to live in Alaska -below freezing temps i sure as hell not my private parts would get hypothermia.

A man has to have balls of steel to live up here. That and an above average sex drive. Not everyone fits that criteria.

[I AM NOT THAT GUY 5,715]

A man has to have balls of steel to live up here. That and an above average sex drive. Not everyone fits that criteria.

You are right, Most of us wouldn't even touch the things you all have intercourse with on a dark and lonely knight.

[MyLittlePony 340]

A man has to have balls of steel to live up here. That and an above average sex drive. Not everyone fits that criteria.

Sorry for you i rather have my broke state then having boogers icicles.

[Mr. Big Dog 10,747]

You are right, Most of us wouldn't even touch the things you all have intercourse with on a dark and lonely knight.

[I AM NOT THAT GUY 5,715]

[MyLittlePony 340]

I rather be in a gay state than a cold state being chased from polar bears.