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Even More Collossal Hole Found In Texas Budget

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Some of the posts here have lost sight of the 800lb gorilla sat right in front of you ..... the budget hole in Portugal is a pinhole compared with the budget deficit for the state of Texas. They currently have a $13-25bln annual shortfall.

LINK

Also, remember this relates solely to the State budget. It does not include the federal spending budget for the State. As I posted before - the latest figure is that 40% of all Federal spending in the USA is funded by new debt.

40% is madness and totally unsustainable. The USA should have a A- rating (and so should the UK).

The shocking fact is, Texas is one of the more prosperous and economically active states. There are 52 states in the USA and they are all struggling: some like California have much larger deficits. Also note many Counties in the USA have declared they are bankrupt and seeking Federal aid. Do you see the Bond markets punishing them with higher interest rates? No? Why?

Post here and let us know what you think is happening and don't believe the UK press we know they are liars.

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Some of the posts here have lost sight of the 800lb gorilla sat right in front of you ..... the budget hole in Portugal is a pinhole compared with the budget deficit for the state of Texas. They currently have a $13-25bln annual shortfall.

LINK

Also, remember this relates solely to the State budget. It does not include the federal spending budget for the State. As I posted before - the latest figure is that 40% of all Federal spending in the USA is funded by new debt.

40% is madness and totally unsustainable. The USA should have a A- rating (and so should the UK).

The shocking fact is, Texas is one of the more prosperous and economically active states. There are 52 states in the USA and they are all struggling: some like California have much larger deficits. Also note many Counties in the USA have declared they are bankrupt and seeking Federal aid. Do you see the Bond markets punishing them with higher interest rates? No? Why?

Post here and let us know what you think is happening and don't believe the UK press we know they are liars.

Please enlighten us as to 51st and 52nd states. I thought there was only 50.

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Ah, now I know where the Romans put their own collosal problems....in the Collosium, where brave banking Gladiators fought for the bonus of life and the public cheered as they usually died.

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The $15 billion shortfall number is calculated by subtracting the Comptroller’s available general revenue estimate of $72.2 billion for the 2012-13 biennial budget from the $87 billion 2010-11 biennial budget adopted in 2009. The higher shortfall numbers are calculated by factoring in anticipated increases in program costs associated with growth in population and the cost of goods and services. For example, there are estimated to be 80,000 new students in the public school system that the budget from last session does not take into account.

Luckily inflation isn't on the increase.....

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1) Many states have balanced budget laws that require them to cut spending when they have a shortfall.

2) the dollar is still the reserve currency of the world

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The shocking fact is, Texas is one of the more prosperous and economically active states. There are 52 states in the USA and they are all struggling: some like California have much larger deficits.

My other half (a native of CA, now living and working in AK) is a huge fan of The Suze Orman Show, a moderately entertaining programme in which various chavs and spendthrifts phone in to be shouted at and humiliated by a butch lesbian personal finance expert. I noticed that in two episodes, her advice to callers included leaving California if their employment and family situations permitted it, her thinking being that CA is one of the highest costs of living in the US (principally in the amount of tax you pay, but also for things like petrol and accommodation costs) and that if employment opportunities were available in a cheaper state, relocating made sense.

I'd be interested to know if people are actually doing this in significant numbers. If so, CA would appear to be in a double-bind: they have a very high state deficit, and middle- and high-earning taxpayers are leaving.

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Some of the posts here have lost sight of the 800lb gorilla sat right in front of you ..... the budget hole in Portugal is a pinhole compared with the budget deficit for the state of Texas. They currently have a $13-25bln annual shortfall.

LINK

Also, remember this relates solely to the State budget. It does not include the federal spending budget for the State. As I posted before - the latest figure is that 40% of all Federal spending in the USA is funded by new debt.

40% is madness and totally unsustainable. The USA should have a A- rating (and so should the UK).

The shocking fact is, Texas is one of the more prosperous and economically active states. There are 52 states in the USA and they are all struggling: some like California have much larger deficits. Also note many Counties in the USA have declared they are bankrupt and seeking Federal aid. Do you see the Bond markets punishing them with higher interest rates? No? Why?

Post here and let us know what you think is happening and don't believe the UK press we know they are liars.

California's state deficit is around $20 billion.

California also sends $20 billion more to federal govt than it gets back.

Exit the union=problem solved. Just like some of the EU countries.

Trouble is, govts either side of the pond are full of ideological globalist nutters and crooks.

Dont know about Texas. Most of the southern ex-slave states are massively dependant on federal handouts, so i suspect Texas is screwed either way.

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There are 52 states: you have forgotten the UK and Australia: both countries can't say no when the US starts a worthless war

;-)

BTW - anything intelligent to say about the state deficits..... are they not scary and dont they make the woes of the EU look like they are overblown.

Please enlighten us as to 51st and 52nd states. I thought there was only 50.

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This is where it really gets comical:

it seems Texas and California are Balanced Budget States -

LINK

Just like the EU stuck to the Maastricht Treaty.

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My other half (a native of CA, now living and working in AK) is a huge fan of The Suze Orman Show, a moderately entertaining programme in which various chavs and spendthrifts phone in to be shouted at and humiliated by a butch lesbian personal finance expert. I noticed that in two episodes, her advice to callers included leaving California if their employment and family situations permitted it, her thinking being that CA is one of the highest costs of living in the US (principally in the amount of tax you pay, but also for things like petrol and accommodation costs) and that if employment opportunities were available in a cheaper state, relocating made sense.

I'd be interested to know if people are actually doing this in significant numbers. If so, CA would appear to be in a double-bind: they have a very high state deficit, and middle- and high-earning taxpayers are leaving.

maybe they have a high deficit BECAUSE they supported high and middle earners in their droves??

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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