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California
Related: About this forumS&P: Cuts, Not Taxes, Turned California's Budget Around
http://www.capradio.org/41166A new report from the ratings agency Standard & Poors credits Californias financial turnaround more to budget cuts than to tax increases.
A significant amount of the correction has taken place on the expenditure baseline, even more than the perhaps more high-profile revenue improvements related to Prop 30 and the strong stock market performance, says S&Ps Gabe Petek, who wrote the report.
Gov. Jerry Browns Department of Finance says it believes all three factors led to Californias stronger fiscal health.
S&P also says the state budget is still vulnerable to the next economic downturn. And it says putting more money into health and social services programs, as urged by some Democratic lawmakers and outside groups, could hurt the states bottom line.
A significant amount of the correction has taken place on the expenditure baseline, even more than the perhaps more high-profile revenue improvements related to Prop 30 and the strong stock market performance, says S&Ps Gabe Petek, who wrote the report.
Gov. Jerry Browns Department of Finance says it believes all three factors led to Californias stronger fiscal health.
S&P also says the state budget is still vulnerable to the next economic downturn. And it says putting more money into health and social services programs, as urged by some Democratic lawmakers and outside groups, could hurt the states bottom line.
Well, as long as S&P is happy, I'm cool with that.
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S&P: Cuts, Not Taxes, Turned California's Budget Around (Original Post)
KamaAina
Jan 2015
OP
daredtowork
(3,732 posts)1. What does it mean when
the abstract "State" is ""healthy", but the people within that State are homeless, going hungry, or struggling to obtain basic necessities? Who is the beneficiary of this "healthy" State?
KamaAina
(78,249 posts)2. Why, the people driving their luxury cars out to Danville (wealthy East Bay suburb), of course
How'd it go this morning?
blkmusclmachine
(16,149 posts)3. S&P means "Standard & Poor"
KamaAina
(78,249 posts)4. They're standard, we're poor.