California Now World's 5th Largest Economy, Surpassing UK • Hacker News Board

Re: California Now World's 5th Largest Economy, Surpassing UK

#11

Post by DubiousPusher » Fri, May 04, 2018, 11:36 PM UTC

jrobn wrote: post #4

Circumnavigate wrote: post #3

5th largest in the world and yet where is all of the money going? California is in a huge deficit.

The US government doesn’t care about deficits, so it would seem.

This is not the US government's debt. It is debt belonging to the State of California. And California certainly does care about deficits. States do not have the same leeway handling their indebtedness that the federal government does.

Re: California Now World's 5th Largest Economy, Surpassing UK

#12

Post by jedberg » Fri, May 04, 2018, 11:38 PM UTC

Circumnavigate wrote: post #3

5th largest in the world and yet where is all of the money going? California is in a huge deficit.

Your data is a bit out of date. California has a surplus now.

There is an underfunded pension but the payments aren't due for many years in the future.

Re: California Now World's 5th Largest Economy, Surpassing UK

#13

Post by api » Fri, May 04, 2018, 11:40 PM UTC

Circumnavigate wrote: post #3

5th largest in the world and yet where is all of the money going? California is in a huge deficit.

UK has a huge deficit too. Most highly developed countries do.

Re: California Now World's 5th Largest Economy, Surpassing UK

#14

Post by grandmczeb » Fri, May 04, 2018, 11:42 PM UTC

api wrote: post #13

Circumnavigate wrote: post #3

5th largest in the world and yet where is all of the money going? California is in a huge deficit.

UK has a huge deficit too. Most highly developed countries do.

Countries have the power to print money. California does not.

Re: California Now World's 5th Largest Economy, Surpassing UK

#15

Post by ProfessorLayton » Fri, May 04, 2018, 11:43 PM UTC

The question is what is CA going to do when its municipalities indirectly cap GDP via their terrible housing policies. The entire state is under a slow boil by NIMBYism that will eventually choke its otherwise impressive economy.

Re: California Now World's 5th Largest Economy, Surpassing UK

#16

Post by icebraining » Fri, May 04, 2018, 11:44 PM UTC

grandmczeb wrote: post #14

api wrote: post #13

Earlier quoted context omitted.

UK has a huge deficit too. Most highly developed countries do.

Countries have the power to print money. California does not.

Euro countries don't either.

Re: California Now World's 5th Largest Economy, Surpassing UK

#17

Post by deanmoriarty » Fri, May 04, 2018, 11:49 PM UTC

ProfessorLayton wrote: post #15

The question is what is CA going to do when its municipalities indirectly cap GDP via their terrible housing policies. The entire state is under a slow boil by NIMBYism that will eventually choke its otherwise impressive economy.

typos: it's -> its

Re: California Now World's 5th Largest Economy, Surpassing UK

#18

Post by caio1982 » Fri, May 04, 2018, 11:50 PM UTC

How's wealth and welfare distribution around the state though?

Re: California Now World's 5th Largest Economy, Surpassing UK

#19

Post by jlmorton » Fri, May 04, 2018, 11:52 PM UTC

genefriend wrote: post #6

Circumnavigate wrote: post #3

5th largest in the world and yet where is all of the money going? California is in a huge deficit.

California budget deficit: $1.6 billion California GDP: $2.7 trillion I think California will be fine.

Where do you come up with a $1.6 billion deficit? There is currently a $6.1 billion surplus, which actually understates the strength of the budget, given debt deleveraging.

Re: California Now World's 5th Largest Economy, Surpassing UK

#20

Post by jlmorton » Fri, May 04, 2018, 11:53 PM UTC

Circumnavigate wrote: post #3

5th largest in the world and yet where is all of the money going? California is in a huge deficit.

California currently has a rainy day fund of $8 billion and a current budget surplus of $6.1 billion.

https://www.wsj.com/articles/jerry-browns-legacy-a-6-1-billi...