www.gov.ca.gov/2024/05/05/at-the-top-of-the-golden-gate-bridge-governor-newsom-announces-tourism-spending-hit-an-all-time-high-in-california/
Governor Newsom Announces Tourism Spending Hit an All-Time High in California
Government/PoliticsUser deleted comment
28d
Yep. Supposedly great economy. Giant deficit. Something not computing.
Not really. Much of state taxes come from taxes on sales of securities. Those aren’t directly linked to the health of the economy.
And the Gann Limit prevents us from saving money in surplus years to get us through bad years.
How does it do that?
It's in the CA Constitution (Prop 13 and Prop 4). It requires tax revenues above the limit to be split between K-14 education and refunds to taxpayers.
It increasingly becomes a problem when tax revenues grow faster than the Gann Limit itself.
https://lao.ca.gov/Publications/Report/4416
https://calmatters.org/commentary/2022/05/california-budget-gann-limit/
Thank you!
To give one example, that California "Middle Class Tax Refund" from a couple of years ago was the result of the Gann Limit.
Yea, but that seems like a surface level evaluation of what is actually occurring
Yea, but that seems like a surface level evaluation of what is actually occurring
If you think there's a Great Depression II coming, post your findings here.
“Supposedly” lol. The metrics are all available to see, and they’re almost all phenomenal. Deficit has nothing to do with the current economy, merely a fear factor for future economies. There’s a reason most people in polls respond that they’re thrilled with their personal financial situation but also say the economy is bad, and it’s not because the economy is actually bad.
How much is the deficit against the gross GDP?
Unfunded pension liabilities. 245 Billion.
It wasn't just dollars (making an assumption that the government is not accounting for inflation)., it was an actual increase in people, but when you want a narrative, you don't need to actually read the article do you?
Inflation calculator says 144 billion in 2019 (travel spending in CA) is the same as 176 billion in 2024.
Instead, travel spending was 150 billion in 2024. So travel spending is still down compared to pre pandemic.
The inflation calculator will tell you inflation is something like 4%, based pretty much on nothing else besides amount of USD in circulation. Not the actual cost of things. They exclude things like fuel, groceries, and rent/mortgage from inflation figures because it looks bad, but what could possibly be more important than those things? They offset it with big screen TV’s getting cheaper. Like that matters when you can’t afford food and shelter
They exclude things like fuel, groceries, and rent/mortgage from inflation figures because it looks bad
Headline inflation includes all of these things except your mortgage. That’s excluded because it’s essentially an amortized asset price, not the price a service or good to be consumed. To make up for this, inflation estimates assume homeowners are paying rent to themselves, and the estimated rental value of their homes is included in inflation estimates.
TVs are like the one good that has been getting cheaper and more accessible in recent years, and I couldn't tell you why
Generally speaking, labor-intensive services grow in price faster than inflation, but manufactured and agricultural goods tend to grow more slowly than inflation. That’s because of rising wages. If you’re spending a lot of your budget on services like restaurants or childcare, you will experience a faster rate of inflation than the average.
There are 3 kinds of lies: lies, dammed lies, and statistics.
73% of lies are made up on the spot
97% percent of statistics are fake
I mean, considering a day at Disney is $700+ for an out of state family of four for just the tickets it’s not hard to see why record amounts are being spent.
We are the out of state family. I’m from LA, moved away some 20 years ago and I’m visiting family later this month. The Mrs. wanted to go to Disney, and a single day at California adventure is setting us back $750 for our family of 4(no park hopper or genie add ons).
I feel your pain. Moved out of state years ago. For our son’s 18th birthday he wanted to do Disneyland. 3 day park hopper plus all the meals, miscellaneous souvenirs & hotel cost us a few thousand. Thankfully I was able to use airline miles for our plane tickets. We hadn’t been to Disneyland in years. We were shocked how much Disneyland had changed. But people seemed to be willing to pay. The parks were packed all three days we were there.
It’s not that much better for Californians. Ours cost $600+ for the 3 of us
I do hope it was the Disney gorge your team was looking for. Sometimes money can buy happiness.
The genie add on was totally worth it when we went. Easily 2x the value of the trip. Space mountain was a 75minute wait when we went on but took about 10m with reservation. $30/pp was great value.
Doesn’t feel like a great value when 4 years ago that was free.
My wife and youngest daughter qualify for DAS. There is really no reason for us to get genie. Genie is still markedly worse than fast pass which it replaced.
The reality is that a simple haircut in LA is easily 100$ .. in this context what do you think is a fair price for Disneyland would be ?
Don’t know how to tell you this, but I think your barber is ripping you off haha
Don't know how to tell you this but your income level might not be Disney's target demographic...
This was not directed to me, but i make about 170k and Disney’s is over priced. If Disney is overpriced for me, what income bracket to you think Disney is targeted at?
I don’t know why you’re even attempting to comment on my income level, which you don’t know. My point is that a “simple haircut” in LA is not $100.
The majority of Angelenos aren't getting $100 simple haircuts.
I went to Disneyland and Universal Studios last year with my family of six. Had a great time; might have to sell a kidney to go again
BOTH THOSE?? Wow, mr money bags.
I did one day at Universal and it was expensive. However we got the pass where we can skip the long lines and I think we actually saved money. Did everything except mario cart on the same day and did the ones we liked a few times.
Yeah, call me Uncle Scrooge lol. We drove and did a Costco travel deal. It still wasn't cheap. 2 days Disneyland, 1 day California Adventure, 1 day Universal.
Newsom using inflation to his advantage!
Nice, inflation!
What describes tourism spending?
When everyone you know that moved out comes back to visit.
Mr governor, try to help us fend what’s going on in our schools right now that shouldn’t be. We’ve got some counties still trying to act like they are its own State by banning books or hurting trans rights. Stand your ground man.
Using the inflation stats as a positive is such nonsense. Everything is overpriced so until we have a severe recession they will always be all time highs
Lets talk Budget deficit, and how to solve that...
That gets solved every year by law.
Well, they laid out plans for a 14B deficit...looking like itll be $70b plus..
Oopppsss...
His solution probably: let's keep raising the tax with the exception of self baking bread people of course.
Honestly crazy considering I saw an another article on how cities like LA are hostile to tourists and that’s why people either love it or hate it.
If US cities cared about tourism/ being easy to drop in and out of we’d have hostels
Come to San Francisco, please!
Probably because prices have hit an all time high.
User deleted comment
28d
So … you didn't read the article.
TOTAL SPENDING.
Easy when a tourist spends like 50 bucks for a value meal and 300 for a hotel that was 150 5 years ago.
That is one way to mental gymnastics those inflation numbers to your advantage.
Or was it, all time costs for tourists?
1 person spends as much as 3 people did 5 years ago. The economy is booming!
Triple the price of everything and you get to brag about stuff like this
Wife and I had two burgers, two fries and two Cokes at HoDads for like $60. Love the place, but this is why spending is up. Also Disney probably accounts for the rest.
This is good for corporations.
If he can get tourists to spend money downtown, then I guess he doesn't need to squeeze state workers to buy overpriced lunches and will rescind his RTO order. Surely.
"This Just In!". I spent more money this year than any year prior due to everything being drastically more expensive. This is obviously great news.
Yes, it’s called inflation.
Of course people will come for the beaches, mountains, lifestyle and Mouse overlord of Anaheim. It’s just costing more is all.
Less people spending more money.
They are spending more money at fast food franchises.
Of course it is. All the houses are just Airbnb
Does this include people who have lived in California all their life, and decided to leave?
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