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Originally posted by DutchBigBoy
It is not a question off if it will fall but when.
Originally posted by apacheman
reply to post by mtnshredder
California is bankrupting the US?
You must live in one of the states California supports. California is a donor state, meaning we send more to Washington than we get back. Our money goes to support a lot of states that whine about "freeloaders" when they freeload themselves.
More like the US is bankrupting us.
To: Senator Boxer
From: Sean Moore, Legislative Director
Marcus Stanley, Senior Economic Advisor
Date: January 8, 2010
You have asked us to ascertain whether the actions taken by this Congress have resulted in more net Federal fiscal assistance to California. Specifically, you wished to know whether during this difficult economic period, California is now receiving more in Federal expenditures than it pays in taxes.
We have obtained data from the Census Bureau, the Internal Revenue Service and other sources on the taxes paid by California and the Federal expenditures received for each year from 1998-2008. We were also able to project estimated 2009 figures using the overall changes in Federal tax receipts and budget outlays. The methodology and sources for this estimate are fully documented in the attached appendix. We also checked the general methodology with external reviewers at the Public Policy Institute of California (PPIC) and the Center on Budget and Policy Priorities (CBPP)...
The attached chart shows the amount of Federal expenditures in California for each dollar of Federal taxes collected in the state, for the 1998-2009 period. During the dot-com economic boom of 1998-2001, California was a major donor state, receiving only 70 to 80 cents in expenditures for each dollar in taxes it paid.
Originally posted by SevenBeans
California really is the land of milk and honey... and gold... and everything else you could ever want. It could do very well as an independent nation (with free market politicians in charge and a return to the gold standard).