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Getbig Main Boards => Gossip & Opinions => Topic started by: Palumboism on May 07, 2018, 05:16:26 PM
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The Financial Express
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday.
Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7 trillion has overtaken the UK’s $2.6 trillion, The Guardian.
The so-called Golden State’s GDP rose by $127 billion in the period from 2016 to 2017, while the UK’s economic output fell slightly over that time when measured in US dollars, due in part to exchange rate fluctuations.
British GDP has fallen steadily from $3tn in 2014, according to World Bank figures.
The release of Friday’s data demonstrated the sheer immensity of California’s economy, home to a thriving technology sector in Silicon Valley, the world’s entertainment capital in Hollywood and America’s “salad bowl” in its agricultural heartland.
https://thefinancialexpress.com.bd/economy/global/californias-economy-surpasses-uks-to-become-worlds-fifth-biggest-1525524600 (https://thefinancialexpress.com.bd/economy/global/californias-economy-surpasses-uks-to-become-worlds-fifth-biggest-1525524600)
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The Financial Express
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday.
Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7 trillion has overtaken the UK’s $2.6 trillion, The Guardian.
The so-called Golden State’s GDP rose by $127 billion in the period from 2016 to 2017, while the UK’s economic output fell slightly over that time when measured in US dollars, due in part to exchange rate fluctuations.
British GDP has fallen steadily from $3tn in 2014, according to World Bank figures.
The release of Friday’s data demonstrated the sheer immensity of California’s economy, home to a thriving technology sector in Silicon Valley, the world’s entertainment capital in Hollywood and America’s “salad bowl” in its agricultural heartland.
https://thefinancialexpress.com.bd/economy/global/californias-economy-surpasses-uks-to-become-worlds-fifth-biggest-1525524600 (https://thefinancialexpress.com.bd/economy/global/californias-economy-surpasses-uks-to-become-worlds-fifth-biggest-1525524600)
People in the US knock CA as being out of the mainstream and that’s true to a certain extent. But the thing to keep in mind is that most of the world’s innovations (for better or worse) come out of California. As goes CA, so goes the world. Plus half of what is on our dining room tables comes from CA. Now the fifth biggest economy in the world. Amazing.
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Why is the state on the verge of bankruptcy?
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(https://78.media.tumblr.com/212ea5cbe124dcc8a5fd046fa077357b/tumblr_p8dxgfaByw1xqghp7o1_1280.jpg)
https://www.jweekly.com/2013/10/25/talking-with-a-fan-of-kugel-but-not-the-kremlin/
J.: What was your childhood like? Did you have a Jewish upbringing?
Scott Wiener: I was born in Philadelphia, but by the time I was 3 we lived in Turnersville, N.J., a rural area that was transitioning to becoming a suburb. There were very few Jews there. Some of our neighbors had never met a Jew before. There was also no synagogue in town, so when I was very young, about 10 or 12 families came together and founded a Conservative congregation. We used the local Lutheran church for services on Friday evenings — put a sheet over the cross — and an Orthodox rabbi from half an hour away would [arrive] before sunset on Friday, and stay at my home until Saturday at sundown. We’d walk with him to evening services and back. A lot of my world, my friends, revolved around the synagogue.
(https://pbs.twimg.com/media/Coubq4aVUAAx--5.jpg)
(https://media2.fdncms.com/sfweekly/imager/u/original/3867737/img_9071.jpg)
(https://78.media.tumblr.com/05deb03bafdc791515c757b1a5d0275d/tumblr_p8dxgfaByw1xqghp7o3_1280.jpg)
Barbara (((Ferrer))) Director of LA county public health
(https://2017futureofmedicaid.healthmanagement.com/wp-content/uploads/sites/6/2017/06/Barbara-Ferrer.jpg)
Every.Fucking.Time
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CA needs new leadership, these liberal douchenozzles are fucking this state all up. 5th largest economy and highest poverty level in the country. ::)
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CA needs new leadership, these liberal douchenozzles are fucking this state all up. 5th largest economy and highest poverty level in the country. ::)
QFT. The cheapest shack of a home in San Francisco is over million dollars. They have expensive hotels and restaurants. Every where you go are homeless people living in tents taking craps on the sidewalks. I read one tourist left an expensive hotel and stepped in human crap. Who would want to live or visit there? The progressive whack jobs that live in that state have to stop electing these radical liberals. California is mainly people with big money and poor people. Very few in between.
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Despite the risk of stepping in crap, most tourists choose CA. Florida is the only other state with two cities on the most visited list (Miami and Orlando). CA has San Francisco and LA. In terms of world economy, SF has Silicone Valley (Facebook/Instagram, Twitter, Google/YouTube, Apple, Netflix (on and on) and Hollywood is a neighborhood of LA. In between are the bread basket San Joaquin and Sacramento Valleys. Plus Las Vegas is almost in CA. Where would all the social media bodybuilder mavens celebrated here be without CA.
http://www.thisisinsider.com/most-visited-us-cities-2017-12
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Despite the risk of stepping in crap, most tourists choose CA. Florida is the only other state with two cities on the most visited list (Miami and Orlando). CA has San Francisco and LA. In terms of world economy, SF has Silicone Valley (Facebook/Instagram, Twitter, Google/YouTube, Apple, Netflix (on and on) and Hollywood is a neighborhood of LA. In between are the breadbasket San Joaquin and Sacramento Valleys. Plus Las Vegas is almost in CA. Where would all the social media bodybuilder mavens celebrated here be without CA.
http://www.thisisinsider.com/most-visited-us-cities-2017-12
I should talk. Next month I'm visiting a relative in San Diego and she is giving me a gift by letting me stay in Desert Springs in Palm Springs for free for 4 days after staying at her house for a couple of days.
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I should talk. Next month I'm visiting a relative in San Diego and she is giving me a gift by letting me stay in Desert Springs in Palm Springs for free for 4 days after staying at her house for a couple of days.
Agree that politics is screwed up there although CA gave us Reagan and there are some sensible politicians like Feinstein, etc. Even Jerry Brown gets high marks in some respects.
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The Financial Express
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday.
Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7 trillion has overtaken the UK’s $2.6 trillion, The Guardian.
The so-called Golden State’s GDP rose by $127 billion in the period from 2016 to 2017, while the UK’s economic output fell slightly over that time when measured in US dollars, due in part to exchange rate fluctuations.
British GDP has fallen steadily from $3tn in 2014, according to World Bank figures.
The release of Friday’s data demonstrated the sheer immensity of California’s economy, home to a thriving technology sector in Silicon Valley, the world’s entertainment capital in Hollywood and America’s “salad bowl” in its agricultural heartland.
https://thefinancialexpress.com.bd/economy/global/californias-economy-surpasses-uks-to-become-worlds-fifth-biggest-1525524600 (https://thefinancialexpress.com.bd/economy/global/californias-economy-surpasses-uks-to-become-worlds-fifth-biggest-1525524600)
California is financially fucked
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(https://78.media.tumblr.com/212ea5cbe124dcc8a5fd046fa077357b/tumblr_p8dxgfaByw1xqghp7o1_1280.jpg)
https://www.jweekly.com/2013/10/25/talking-with-a-fan-of-kugel-but-not-the-kremlin/
J.: What was your childhood like? Did you have a Jewish upbringing?
Scott Wiener: I was born in Philadelphia, but by the time I was 3 we lived in Turnersville, N.J., a rural area that was transitioning to becoming a suburb. There were very few Jews there. Some of our neighbors had never met a Jew before. There was also no synagogue in town, so when I was very young, about 10 or 12 families came together and founded a Conservative congregation. We used the local Lutheran church for services on Friday evenings — put a sheet over the cross — and an Orthodox rabbi from half an hour away would [arrive] before sunset on Friday, and stay at my home until Saturday at sundown. We’d walk with him to evening services and back. A lot of my world, my friends, revolved around the synagogue.
(https://pbs.twimg.com/media/Coubq4aVUAAx--5.jpg)
(https://media2.fdncms.com/sfweekly/imager/u/original/3867737/img_9071.jpg)
(https://78.media.tumblr.com/05deb03bafdc791515c757b1a5d0275d/tumblr_p8dxgfaByw1xqghp7o3_1280.jpg)
Guy should have his head bashed in,fucking disgusting fruitcake.
Barbara (((Ferrer))) Director of LA county public health
(https://2017futureofmedicaid.healthmanagement.com/wp-content/uploads/sites/6/2017/06/Barbara-Ferrer.jpg)
Every.Fucking.Time
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(https://78.media.tumblr.com/212ea5cbe124dcc8a5fd046fa077357b/tumblr_p8dxgfaByw1xqghp7o1_1280.jpg)
https://www.jweekly.com/2013/10/25/talking-with-a-fan-of-kugel-but-not-the-kremlin/
J.: What was your childhood like? Did you have a Jewish upbringing?
Scott Wiener: I was born in Philadelphia, but by the time I was 3 we lived in Turnersville, N.J., a rural area that was transitioning to becoming a suburb. There were very few Jews there. Some of our neighbors had never met a Jew before. There was also no synagogue in town, so when I was very young, about 10 or 12 families came together and founded a Conservative congregation. We used the local Lutheran church for services on Friday evenings — put a sheet over the cross — and an Orthodox rabbi from half an hour away would [arrive] before sunset on Friday, and stay at my home until Saturday at sundown. We’d walk with him to evening services and back. A lot of my world, my friends, revolved around the synagogue.
(https://pbs.twimg.com/media/Coubq4aVUAAx--5.jpg)
(https://media2.fdncms.com/sfweekly/imager/u/original/3867737/img_9071.jpg)
(https://78.media.tumblr.com/05deb03bafdc791515c757b1a5d0275d/tumblr_p8dxgfaByw1xqghp7o3_1280.jpg)
Guy should have his head bashed in,fucking disgusting fruitcake.
Barbara (((Ferrer))) Director of LA county public health
(https://2017futureofmedicaid.healthmanagement.com/wp-content/uploads/sites/6/2017/06/Barbara-Ferrer.jpg)
Every.Fucking.Time
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California also has over 2 trillion in debt and is broke
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Agree that politics is screwed up there although CA gave us Reagan and there are some sensible politicians like Feinstein, etc. Even Jerry Brown gets high marks in some respects.
You believe Diane Feinstein is sensible?
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Yes centrist, but she may lose her primary to that left wing dude.
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(https://78.media.tumblr.com/224a55fac26a1189188b328a358f82d6/tumblr_p8f15brhaJ1xqghp7o1_400.gif)
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GDP measures value of output so a strong USD combined with a housing bubble and unicorn bubble inflate the Californian numbers.
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(https://78.media.tumblr.com/224a55fac26a1189188b328a358f82d6/tumblr_p8f15brhaJ1xqghp7o1_400.gif)
GDP measures value of output so a strong USD combined with a housing bubble and unicorn bubble inflate the Californian numbers.
Housing values are irrelevant to GDP. Initial construction costs, however, do play into the equation. Also, wouldn’t exchange rates be normalized in comparing the two GDPs, making dollar strength irrelevant also (but I have always been confused about exchange rates)? The posts here have me thinking about the issue of government debt. In comparing UK to CA, it would be interesting to compare government debt as percent of GDP. Anyone have that comparison off top of their head?
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Agree that politics is screwed up there although CA gave us Reagan and there are some sensible politicians like Feinstein, etc. Even Jerry Brown gets high marks in some respects.
Obviously doesn't live in CA.
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Housing values are irrelevant to GDP. Initial construction costs, however, do play into the equation. Also, wouldn’t exchange rates be normalized in comparing the two GDPs, making dollar strength irrelevant also (but I have always been confused about exchange rates)? The posts here have me thinking about the issue of government debt. In comparing UK to CA, it would be interesting to compare government debt as percent of GDP. Anyone have that comparison off top of their head?
They infect everything. The second point you make is PPP based GDP.
CA is only a state same as how London does better than the national average.
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How about them retarded taxes (and fruitcakes and libtards)?
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Yes centrist, but she may lose her primary to that left wing dude.
Don't foresee a lot of hope for Cali if she is considered centrist.
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In regard to finances, pne of the biggest problems in this state (and many other states and municipalities) are the pensions of state and city workers
It's insane that someone works for the state (makes a great salary and benefits) an then retires after 20 or 25 years and is paid 80% of their salary for life and often lifetime health benefits.
That's CRAZY and there is no way to budget for it. Eventually you're paying more in pensions of retiree's than people actively working.
A better system would be a defined contribution plan where the employer makes annual contributions into a retirement plan for each year worked (maybe even increased if the employee also contributes). When the person retires he/she will can take their retirement money and do whatever they want (just like a 401k). but the the state/city is no longer paying a dime after the person stops working
If someone works 20 or 25 years they should have plenty of money in that account to support them for the rest of their lives.
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Don't foresee a lot of hope for Cali if she is considered centrist.
There are LOTS of politicians to the left of her. But you are correct she’s more left than right. You’ve got to be leftish to be elected in CA because the electorate skews that direction. Whether there’s hope or not is debatable. You’re correct that there are LOTS of problems, some of which would be well served by a return to Reagan style conservativism. But the point I have been making (which gets completely lost in a Fox News type perspective on the matter) is that California is THE MOST IMPORTANT PLACE IN tHE WORLD in terms of what is driving the world forward. All you have to do is get off a flight at LAX or at San Jose to feel that. That still counts for a lot, problems or no problems.
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(https://78.media.tumblr.com/224a55fac26a1189188b328a358f82d6/tumblr_p8f15brhaJ1xqghp7o1_400.gif)
Seems to me Kalifornia has a fake jew problem.
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Housing values are irrelevant to GDP. Initial construction costs, however, do play into the equation. Also, wouldn’t exchange rates be normalized in comparing the two GDPs, making dollar strength irrelevant also (but I have always been confused about exchange rates)? The posts here have me thinking about the issue of government debt. In comparing UK to CA, it would be interesting to compare government debt as percent of GDP. Anyone have that comparison off top of their head?
UK public debt is around 81% of gdp. so probably pretty similar to CA i believe
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UK public debt is around 81% of gdp. so probably pretty similar to CA i believe
Here is some data that is two years old on CA (and all states in US’ debt to GDP). CA is at 15% of GDP right in line with other states. But, in comparing that to the 81% UK figure you cite above, you would need to factor in CA’s appropriate share of overall USA public debt. Who knows what statistic you’d end up with after doing that? None of this to deny that CA has some serious fiscal problems. But those problems may be more in line with the level of problems other states are facing, which is way different from when you listen to the rantings of the Laura Ingrahams, Shaun Hannitys and Tucker Carlsons and their ilk on Fox News, who try to make it sound like Californians are out in left field living in a different world.
https://www.usgovernmentdebt.us/state_debt_rank
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To give some support to the other side of the argument on CA, within the US lots more people are MOVING OUT of California than are MOVING IN (any moving van company will back this fact up). To a certain extent, this is offset by immigration from outside the US which has its good and bad sides for economic growth. Moving toward a more merit based immigration approach, as Trump proposes, would help with this immigration aspect. But I agree that CA will go downhill over the long term if way more people keep moving out than move in.
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Here is some data that is two years old on CA (and all states in US’ debt to GDP). CA is at 15% of GDP right in line with other states. But, in comparing that to the 81% UK figure you cite above, you would need to factor in CA’s appropriate share of overall USA public debt. Who knows what statistic you’d end up with after doing that? None of this to deny that CA has some serious fiscal problems. But those problems may be more in line with the level of problems other states are facing, which is way different from when you listen to the rantings of the Laura Ingrahams, Shaun Hannitys and Tucker Carlsons and their ilk on Fox News, who try to make it sound like Californians are out in left field living in a different world.
https://www.usgovernmentdebt.us/state_debt_rank
i was going on the figure of CA debt being $2 trillion quoted earlier in the thread. i think US total federal debt is somehwere around 80% of gdp. so would imagine it would be pretty close to that when you factor in CA's share of that.
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i was going on the figure of CA debt being $2 trillion quoted earlier in the thread. i think US total federal debt is somehwere around 80% of gdp. so would imagine it would be pretty close to that when you factor in CA's share of that.
Unfortunately US debt has crept above 100% recently and our Republican regime is being just as fiscally reckless as the Democrats with tax reduction coupled with no spending reduction. Based on this discussion, it is looking like CA debt ratio may exceed UK’s (but no worse than the other US states) but we need a economist/satistician to corroborate. Of course, we spend a lot more on world defense than does UK I think.
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Here is some data that is two years old on CA (and all states in US’ debt to GDP). CA is at 15% of GDP right in line with other states. But, in comparing that to the 81% UK figure you cite above, you would need to factor in CA’s appropriate share of overall USA public debt. Who knows what statistic you’d end up with after doing that? None of this to deny that CA has some serious fiscal problems. But those problems may be more in line with the level of problems other states are facing, which is way different from when you listen to the rantings of the Laura Ingrahams, Shaun Hannitys and Tucker Carlsons and their ilk on Fox News, who try to make it sound like Californians are out in left field living in a different world.
https://www.usgovernmentdebt.us/state_debt_rank
As US states cant avail themselves of bankruptcy their General Obligation constitutional debt interest and principal payments are capped at 15% of tax revenue.
However they can borrow 'unsecured' appropriation debt and they have unfunded liabilities that can grow. If you look below California's unfunded liabilities are about 3x the debt:
http://www.pewtrusts.org/en/multimedia/data-visualizations/2014/fiscal-50#ind4
Put simply if you live in California and earn $200k in personal income, your share of the state liabilities in 2013 was ~$60k and presumably its grown in the last 5 years. $200k pretax is not exactly a lot in LA or SF and from that you have to deduct taxes, cost of living, mortgage, retirement savings, child costs, then add on state and federal debt and deficits....
And they have one of the worst fiscal gaps in the US despite being a 'big winner' in this economic cycle...
http://www.pewtrusts.org/en/multimedia/data-visualizations/2014/fiscal-50#ind9
Revenue is consistently below spending.
An explosion of underfunding of liabilities is what will probably drive the state finances crisis in a few years time, but as I said, states cant default on constitutional bonds but can default or renegotiate other liabilities including pensions and appropriation debt. Cities can default on GO bonds but often cant default on appropriation bonds like sales tax bonds. Puerto Rico as neither a state nor city has defaulted on everything and has cut taxes for US immigration to almost zero as a way to attract entrepreneurs.
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Above charts say it looks like we think we can just keep spending away and it will never catch up with us. Good thing the Chinese like to lend money. But their bubbles will catch up with them some day too.
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One thing for sure. The US took in a record 515 Billion dollars in taxes for April 2018. The Federal government spent under 300 billion for the month. The US is actually taking in more money after the tax cuts. Looks like American economy is soaring under Trump. No, Obama can't take credit for this.
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CA is a fantastic place to live so long as you have money to insulate yourself from the crap.
They can get away with their crazy tax policies because people love to come here, I've lived all over the world and this is the nicest place by far because you've got all this natural beauty, weather, and a world class city (LA - SF is a shithole).
However, sane people are also leaving in their droves because of the insane politics. I have kids and don't want them turned into the giant pussies that the education system is set up for here.
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One thing for sure. The US took in a record 515 Billion dollars in taxes for April 2018. The Federal government spent under 300 billion for the month. The US is actually taking in more money after the tax cuts. Looks like American economy is soaring under Trump. No, Obama can't take credit for this.
Really???? Even though I am not a Trump fan, I badly want to believe you. But it seems weird that we would have turned such a huge corner in just a month or two???
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CA is a fantastic place to live so long as you have money to insulate yourself from the crap.
They can get away with their crazy tax policies because people love to come here, I've lived all over the world and this is the nicest place by far because you've got all this natural beauty, weather, and a world class city (LA - SF is a shithole).
However, sane people are also leaving in their droves because of the insane politics. I have kids and don't want them turned into the giant pussies that the education system is set up for here.
You may be the moving van going out that’s empty coming back. The state will be in trouble if the upper middle and middle class all leave. Or it will become more like some nations that are super-rich and poor at the same time. I love and admire CA as you can see from above posts but I am not naive to the dangers lurking.
But where would you go to duplicate the high you get in LA? Seattle, Dallas, Miami, a mountain top? Those places have issues too, or no nearby beauty to escape to (e.g., Dallas).
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You may be the moving van going out that’s empty coming back. The state will be in trouble if the upper middle and middle class all leave. Or it will become more like some nations that are super-rich and poor at the same time. I love and admire CA as you can see from above posts but I am not naive to the dangers lurking.
But where would you go to duplicate the high you get in LA? Seattle, Dallas, Miami, a mountain top? Those places have issues too, or no nearby beauty to escape to (e.g., Dallas).
I'll take 25 jobs with me - not even a speck on a drop in the ocean, but multiply that by the number of people who hate the PC bullshit and challenging business regs / taxes here and I think CA has a long term problem.
CO is edging everywhere else out for the win for me.
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I'll take 25 jobs with me - not even a speck on a drop in the ocean, but multiply that by the number of people who hate the PC bullshit and challenging business regs / taxes here and I think CA has a long term problem.
CO is edging everywhere else out for the win for me.
The Apples and the Comcasts are the big drivers but small business is the day to day life blood. On regulation, i’ve done real estate in the last few years in both CA and FL. In Florida, I asked the realtor, “where is the rest of the package?” because there were only about 3 pages, whereas in CA there were 50 pages and the realtor had to keep trying to calm me down as I was being questioned as to whether anyone had ever died at the property and whether there were fog horns that made noise in the distance.