Wasn't the last budget trickery done by the former governor deferring spending into the next governor's first budget?
Minnesota State Gov. Shuts Down
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Tarquelne
Follower of Tytalus
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Do you have something offering better support for that idea?
This indicates that the missing millionaires was almost entirely due to the recession.
My link has a graph!
I haven't crunched the numbers, but from the document it looks like the number of millionaires fleeing the small effective increase (.2% for the top 1%) - which means they'd still live in a state with a regressive tax structure - wasn't really significant.
(Source warning: The ITEP admits it thinks taxing poor people more than rich people isn't fair.)
This is part of the beauty of the US. There's a social buffer but the ability to perform political experiments. You can see what works in one place, doesn't work in another, and have federal oversight to somewhat limit the suffering.
Tarquelne
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Theoretically. For now. I'm less than sanguine about what you point out because the more thoughtlessly partisan the media the less the public will actually learn. And buffer and oversight are increasingly under attack. Not just the instruments, but the very concepts.
The states suffering the most are often the ones containing the least political will/clout to change. I guess that's can be nice for the others... but that's a harsh way to teach a lesson. So I suspect it's mostly wasted: Ignored where it's needed most, heeded where it's unneeded.
Not to mention all the accrued liabilities, particularly pensions, that they never put aside the money for.
You're very correct. The inability to apply lessons across state borders is frustrating.
A judge ruled that the Minnesota Zoo can reopen due to the fact that most of its funding is not from the state (or at least enough to warrant that it should be open).
http://www.kare11.com/news/article/929054/391/Judge-allows-Minnesota-Zoo-to-reopen
I'd like to know why there are no talks going on over the Holiday weekend? At the very least, the legislature should be working every day until the issues are settled.
http://www.kare11.com/news/article/929054/391/Judge-allows-Minnesota-Zoo-to-reopen
I'd like to know why there are no talks going on over the Holiday weekend? At the very least, the legislature should be working every day until the issues are settled.
jtb1127
Deity
He should just rule than the whole state be re-opened.
Well, that's shoes-on-noses ******** now isn't it.
no idea as to the specifics of it, but it seems like a pretty poor idea given the inaccuracy of budget projections.
I think they generally allow a bit of margin of error for projections that miss the mark. Where states (and cities) with mandatory balanced budgets really screw it up is the fraud of dodgy accounting practices and not fully funding future accrued obligations.
amadeus
Bishop of Bio-Dome
Not really, or otherwise the state would just run a perpetual deficit.
You mean, the same as pretty much every government and large corporation in the entire world?
In what way do large corporations run deficits analogous to a government spending deficit? Also: "everyone else is doing it" isn't very compelling rationale.
In what way do large corporations run deficits analogous to a government spending deficit? Also: "everyone else is doing it" isn't very compelling rationale.
It's typical for any large corporation to rack up large debts and never pay it back, even when they're profitable and growing. Look at this comparison for example- it's not uncommon for companies to have debt worth more than their entire equity. It's completely standard operating procedure. Crying chicken little over the US's debt just baffles me.
BasketCase
Username sez it all
Yay Minnesota, for two reasons.
First, their spending is finally under control. And second, everybody now knows that the politicians on both sides, Republicans and Democrats, are not bluffing. Which, frankly, I don't have a problem with. Because if neither side folds and we have a (partial) federal shutdown, then federal spending will also, finally, be brought under control.
It will happen, one way or the other.
First, their spending is finally under control. And second, everybody now knows that the politicians on both sides, Republicans and Democrats, are not bluffing. Which, frankly, I don't have a problem with. Because if neither side folds and we have a (partial) federal shutdown, then federal spending will also, finally, be brought under control.
It will happen, one way or the other.
And who ends up paying public debt?
BasketCase
Username sez it all
That's the sixty-four dollar question, dude. (well, actually, one of several)
America's public debt cannot be forgiven, and will be paid back, because it is owed almost entirely to AMERICANS.
America's public debt cannot be forgiven, and will be paid back, because it is owed almost entirely to AMERICANS.
Drewcifer
Agent of Karma
Part of the problem is that Minnesota is not a moderate state. Politically it is like a cross between Sweden and Nazi Germany. The state Republican party has moved far to the right in recent years and is more or less controlled by the tea party. Last year they suspended former Governors Arne Carlson and Al Quie and former Senator Dave Durenburger from the party for not following party orthodoxy. These are people who used to be major figures in Minnesota. The DFL meanwhile is a European style social democratic party. It shouldn't be surprising that they couldn't come to an agreement.
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