States' Fiscal Condition

[Zaphod]

Crixus wrote:

Zaphod wrote:

CM wrote:

Crixus wrote:

Disgusting. Utterly disgusting when you peruse these salaries.

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That was eye-opening.

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State salaries and mostly benefits are ridiculous. Had you a sound mind as a young adult (obvious oxymoron) you would see how much more wealth could be had by going into some form of public service. Cops/fireman at the entry level make an easy six figures (you can see everyones salary in California online) in what is purported to be a low paying county, with higher ups doing better than the average doctor and seniors better than most specialists. Its a bit nutty when you then figure in pensions etc.

IMO pensions are highly unreasonable and need to be addressed on a contribution, crediting and rules for withdrawal etc…as it stands now people are abusing the rules in every way that is obvious because they are set up to have it happen. Low pay in, easy to game, etc…

I first looked into salaries of public servants due to always hearing that cops are paid so terribly (wholly untrue) and when I first went house hunting seeing so many cruisers in higher end neighborhoods but turned out they could afford it.

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We are the U.S.S.A. Just for shits and giggles try to apply for a public job. You practically have to be a “party” member to be considered. You already have to be within the government to be considered for a non entry level job.

We are already past escape velocity regarding this problem. There’s no way the math works when you look at the unfunded liabilities coming at us. Even if we reached 4% REAL growth for a decade w/o a recession we aren’t going to make it. Eric Janzen of iTulip touted 2012 as our last chance to grow our way out. It didn’t happen.

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Obviously thats true. Nothing at current idealizations and dreams can actually work. CalPers is currently fighting with the government to decrease their projected rate of return much faster than previously agreed upon to reflect reality, but for some reason if they do this it increases the unfunded liabilities on the books and makes everything terrible. Of course to me, that everyone knows theyre using a fake number and are simply doing so for book cooking purposes (seriously!) I think, well why dont we stop pretending, but whatever, I am not in charge.

They need to dramatically increase contributions and then do what they can in decreasing benefit payouts to be more in line with private and reality. Also need to shore up those accelerated benefits, etc....

[notadoc]

Rich people move to Florida.

They move from California and many others.

 

How money walks

http://www.howmoneywalks.com/irs-tax-migration/

 

[Zaphod]

CM wrote:

Crixus wrote:

Disgusting. Utterly disgusting when you peruse these salaries.

Click to expand…

That was eye-opening.

Click to expand...

State salaries and mostly benefits are ridiculous. Had you a sound mind as a young adult (obvious oxymoron) you would see how much more wealth could be had by going into some form of public service. Cops/fireman at the entry level make an easy six figures (you can see everyones salary in California online) in what is purported to be a low paying county, with higher ups doing better than the average doctor and seniors better than most specialists. Its a bit nutty when you then figure in pensions etc.

IMO pensions are highly unreasonable and need to be addressed on a contribution, crediting and rules for withdrawal etc...as it stands now people are abusing the rules in every way that is obvious because they are set up to have it happen. Low pay in, easy to game, etc...

I first looked into salaries of public servants due to always hearing that cops are paid so terribly (wholly untrue) and when I first went house hunting seeing so many cruisers in higher end neighborhoods but turned out they could afford it.

[CM]

Crixus wrote:

Disgusting. Utterly disgusting when you peruse these salaries.

Click to expand...

That was eye-opening.

[Gas_Doc]

Market value of California's unfunded pension liability: $925.69 billion.  Good lord...

[ENT Doc]

Heard an interesting discussion today on Bloomberg as it relates to state fiscal health and tuition inflation.  Tuition inflation has been on the decline (not deflation) and some of this was tied to preferential choice of state schools over private in the setting of improved state fiscal health since 2009.  My take on that was that when all these unfunded liabilities are forced to be dealt with those students in state schools in states with poor balance sheets will face worsening pain in the future.  Or they could scheme like CA schools did to admit more out of staters and international students unfairly so they could be charged a higher rate.

[StarTrekDoc]

Florida is a nice thing to see as they have a relatively stable state budget and overall fiscally conservative in nature.  It doesn't overspend nor overpromise on general commitments and each project usually establishes a funding mechanism.

California - we just tax and spend.  It's refreshing to have Brown hold the line over the years without torching the place.  The CalPers commitments though is why it's sucking the bottom rung despite everything.

 

Then again, FL has no tort reform.

[Craigy]

pistolpete wrote:

I was surprised to see Florida so high and California so low!

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Rich people move to Florida.

They move from California and many others.  

[Craigy]

************************, Louisiana worse than California.

That's what we get for being home of the good-ol-boy retirement packages for state employees.

And then it's difficult to shake the state's Edwin Edwards legacy of corruption.

[pistolpete]

I was surprised to see Florida so high and California so low!

[ajm184]

@ Fireshrink-  You unfortunately are being too generous of your assessment of Illinois being a 'train wreck'.  I have absolutely no idea how NJ beat Illinois out as the most deadbeat state.  I am also somewhat surprised at how well California is doing fiscally.  I guess the whole stock market gains have helped keep California afloat with all the unicorns/VC companies.

@JZ-  I hope you and your husband are not practicing near Springfield, must be a nightmare for the physicians in that area with the concentration of state workers relative to other patient pools.  Also, I would suggest getting with your biller.  I think the $0 reflects the non-payment be the State, rather than non acceptance by the State of a valid claim.  Basically, the bill is one of the $14 Billion in unpaid claims.  The issue of course is that I imagine your husbands percentage of Medicaid is low, therefore you are even further in the back of the line.  My wife saw several State of Illinois workers in September 2013, got actually paid in July 2016.

[jz]

Last week my surgeon husband received reimbursement from IL Medicaid for three cases. $0 + $0 +$ 0 = $0.  I'm pleased to see we are taking our fiscal responsibilities seriously. / sarc.

[DoubleMDs]

Coincidence that this looks very similar to the state breakdown of the electoral map in voting? Orange=blue states and green=red states. Maybe just coincidence, but I think not.

[ENT Doc]

A few things about the Oregon and Washington info.  When did these changes occur that you speak of?  These rankings are reflective of past data, not anything that may have just happened.  Also, these are rankings, not a statement of absolute fiscal health.  Since they are relative, WA's revenues just may have not been as good as others, for example.

[FIREshrink]

Very suspect data. Oregon moved up based on cash solvency despite facing a multibillion dollar budget shortfall which forced contemplation of cutting what is already the shortest school year in the country. Washington moved down based on budget despite having record revenues, population growth, and job growth and a new budget 20% greater than that of the last biennium.

That said, I tried to dissuade a doctor friend from moving to Illinois, under any circumstances, but was unsuccessful. That state is a train wreck.