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State Auditor: CA Net Worth Negative $127.2 Billion
breitbart ^ | march 30, 2013 | Mike Flynn

Posted on 03/30/2013 4:11:30 PM PDT by lowbridge

At end of the week, California's State Auditor released its annual financial report for the state. The report, compiled by Auditor Elaine Howle, found the state has a net worth of -$127.2 billion. If the state were a business, it would be a candidate for liquidation.

CA's financial situation deteriorated this year, largely because the state spent $1.7 Billion more than it collected in revenue. This over-spending worsened the state's debt picture.

"Expenses that exceeded revenues and increased long-term obligations resulted in an 81.4 percent decrease in the total net assets for governmental and business-type activities from the 20-10-11 fiscal year," said the report.

While this report paints a bleak picture of the state's future, it is also unrealistically optimistic.

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; News/Current Events; US: California
KEYWORDS: california; calpers; jerrybrown; libturdspending; liquidation; thanksunionthugs

1 posted on 03/30/2013 4:11:30 PM PDT by lowbridge
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To: lowbridge

It’s time to expand those social services then.


2 posted on 03/30/2013 4:17:35 PM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: lowbridge
“If the state were a business, it would be a candidate for liquidation.”

If the state was a business, the officers of the company would certainly be indicted.

3 posted on 03/30/2013 4:18:32 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: lowbridge
While this report paints a bleak picture of the state's future, it is also unrealistically optimistic.

Its easy to be optimistic when you expect your rich uncle to bail you out.
4 posted on 03/30/2013 4:18:37 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: lowbridge

California leads the way. ;-)


5 posted on 03/30/2013 4:19:08 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: lowbridge

If the state were a business, it would be a candidate for liquidation, and you couldn’t get anyone, not even a “Klingon” to buy it.


6 posted on 03/30/2013 4:20:17 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: lowbridge

And Jerry Brown just told us things were looking better.


7 posted on 03/30/2013 4:24:04 PM PDT by Lurkina.n.Learnin (Obama is the Chicken Little of politics)
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To: lowbridge

Well, Jerry Brown and the peckerheads in Silicon Valley could pledge their fortunes and lives to save California. Somehow, I don’t think that will happen. They’d rather hang from lampposts than help their fellow man, which is expected from left-wing worms.

Bye-bye.


8 posted on 03/30/2013 4:24:20 PM PDT by sergeantdave
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To: SandRat
and you couldn’t get anyone, not even a “Klingon” to buy it.

A Kenyan would

9 posted on 03/30/2013 4:25:53 PM PDT by digger48
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To: lowbridge

“Gov. Jerry Brown declared (Thursday 1/11) that California’s budget deficit has vanished thanks to new tax hikes and past spending cuts, marking the first time since the recession that state leaders haven’t faced a deep fiscal chasm in January.”


10 posted on 03/30/2013 4:25:56 PM PDT by skeeter
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To: cripplecreek
Its easy to be optimistic when you expect your rich uncle to bail you out.

Of course, when Californication goes bankrupt, they politicians will turn to Wash-DC and cry. The repubs will refuse, then the MSM will clobber the airwaves with starving children and pushing granny off the cliff, then the repubs will balk and (sigh)...

11 posted on 03/30/2013 4:26:37 PM PDT by VRW Conspirator (Cyprus - the beginning)
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To: lowbridge

Hope n Change yo


12 posted on 03/30/2013 4:27:07 PM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: lowbridge

Time for an Emergency Manager to take over CA’s business, as just happened in Detroit.


13 posted on 03/30/2013 4:28:33 PM PDT by lurk
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To: skeeter

Gov. Jerry Brown declared (Thursday 1/11) that California’s budget deficit has vanished thanks to new tax hikes and past spending cuts, marking the first time since the recession that state leaders haven’t faced a deep fiscal chasm in January.”

Right. a couple of bong hits makes everything look better.


14 posted on 03/30/2013 4:32:52 PM PDT by Huskrrrr
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To: lowbridge
This is what will cause a 200% increase in property taxes and everything else.
They are going to move heaven and earth first before they would reduce the size of government and government union employees.
Look for prop 13 to die the next couple of years.

They will tell the voters it is tax unfairness, even though every person with a home was purchasing with a different income. Some bought at 25k with 4k a year salaries. How would those folks today pay 4.5k a year in property taxes?

All roads lead to putting more people on welfare.

15 posted on 03/30/2013 4:43:38 PM PDT by A CA Guy ( God Bless America, God Bless and keep safe our fighting men and women.)
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To: lowbridge

Well, we can state with certainty what the response will be:

1) “We must raise taxes on the wealthy and business.”

2) “We must spend money faster to stimulate the economy.”


16 posted on 03/30/2013 4:44:16 PM PDT by yefragetuwrabrumuy (Best WoT news at rantburg.com)
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To: digger48
A Ferrengi would but only if it can be bought with someone elses money

Image Hosted by ImageShack.us
17 posted on 03/30/2013 4:47:57 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: VRW Conspirator

This is exactly why I was glad to see the emergency manager in Detroit. Its the best of a lot of bad options.

Its our problem and we aren’t dumping it on others.


18 posted on 03/30/2013 4:50:12 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: BipolarBob

“It’s time to expand those social services then.”

What are you, some kind of RIGHT WING EXTREMIST?

We can do both, expand “social services” AND build a useless train in the Central Valley.


19 posted on 03/30/2013 5:00:55 PM PDT by BobL (Look up "CSCOPE" if you want to see something really scary)
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To: lowbridge

The faster Cali disentegrates the better.


20 posted on 03/30/2013 5:02:53 PM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: lowbridge
The state of CA has a net worth of -$127.2 billion.
Solution:
1. Raise taxes on business and the rich [anyone with a job].
2. More regulations.
3. Confiscate bank accounts.
4. More freebies for illegal aliens and other freeloaders.
5. Raise the salaries of the politicians, public service unions, and the education unions.
6. Drive the productive people and businesses from the state.
Allahu Akbar!!! [The new Donkey battle cry.]
21 posted on 03/30/2013 5:05:10 PM PDT by MasterGunner01
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To: lowbridge

Jerry can now stick his bullet train where the sun don’t shine. And lets not forget the soon to be added sales tax on gasoline. Ideas are one thing, and what happens is another.


22 posted on 03/30/2013 5:13:30 PM PDT by hapnHal (hapnHal)
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To: lowbridge

Perspective:

Per capita national debt at $17 trillion: $54,313

Per capita state resident debt in CA at $127 billion: $3,342

So the state burden is 6% additional of their already huge burden.

CA is worse off than the rest of us, but not by much.


23 posted on 03/30/2013 5:21:27 PM PDT by cicero2k
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To: lurk

Man would I love that job!


24 posted on 03/30/2013 5:23:55 PM PDT by Cuttnhorse
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To: lowbridge

Doesn’t help that sports and Hollywood personas are considering moving out because of the onerous tax burden.


25 posted on 03/30/2013 5:38:50 PM PDT by randita
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To: VRW Conspirator

When California defaults on its debt, Conservatives should insist upon reverting California to the status of a territory and let conservatives foreclose to obtain title and possession of California.


26 posted on 03/30/2013 5:56:40 PM PDT by WhiskeyX
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To: cicero2k

Ya, I love it when people tell me how much better off they are than the fools in California all the while never realizing that the federal government has them in hawk 10 times more than the worst state government... You can escape the state, but not the the federal government.

This isn’t going to end well for anyone.


27 posted on 03/30/2013 5:58:11 PM PDT by DB
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To: lowbridge
CA's financial situation deteriorated this year, largely because the state spent $1.7 Billion more than it collected in revenue.

Actually, the situation has not deteriorated. The budget gap was a whopping $25 million. That it has been closed to $1.7 billion deficit is good news.

Obviously balanced would be better and the unfunded liabilities are a problem. But the numbers are headed in the right direction even if not fast enough of far enough.

28 posted on 03/30/2013 6:09:02 PM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: Lurkina.n.Learnin
And Jerry Brown just told us things were looking better.

They aint looking great but they are looking better.

29 posted on 03/30/2013 6:10:57 PM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: lowbridge
 photo CaliforniaProblem_zpsee69041f.jpg
30 posted on 03/30/2013 6:22:49 PM PDT by R_Kangel ( "A Nation of Sheep ..... Will Beget ..... a Nation Ruled by Wolves.")
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To: R_Kangel
.... Dammit .....

.... I forgot to change the size of the graphic before posting .....

...... Sorry ... My Bad!

31 posted on 03/30/2013 6:36:28 PM PDT by R_Kangel ( "A Nation of Sheep ..... Will Beget ..... a Nation Ruled by Wolves.")
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To: Huskrrrr
Politicians and a lot of people only look at the present income statement to make financial decisions. The balance sheet tells the story of a business or government agency health. Long term liabilities and reasonable expected revenues tells all. But the politicians don't want to look at that because they think they will be gone before the day of reckoning comes.
32 posted on 03/30/2013 7:46:16 PM PDT by Rusty0604
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To: cripplecreek

Will Calhoune come to the rescue?


33 posted on 03/30/2013 7:48:26 PM PDT by Lockbar (Quality Factory Loaded Ammunition ------- The New Gold)
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To: MasterGunner01

Seems to me CA already instituted an additional 10% in income tax withholding which was a forced loan, paid back with IOUs by the state.

I don’t remember the exact mechanics of it, but as I recall, the state took an extra 10% with the promise that it would give it back at the end of the year as a sort of refund.


34 posted on 03/30/2013 8:00:03 PM PDT by ChildOfThe60s (If you can remember the 60s.....you weren't really there)
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To: lowbridge

Did they include Calpers in the calculation


35 posted on 03/30/2013 8:03:18 PM PDT by Uncle Chip
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To: cripplecreek

“This is exactly why I was glad to see the emergency manager in Detroit. Its the best of a lot of bad options.”

And he’s Black! Just how long is it going to take for the “amen chorus” in Detroit to start the “Uncle Tom” rhetoric? I did see today that the first thing he did was fire the schools superintendent. Good Start. But he is keeping the City Council and paying them to boot!


36 posted on 03/30/2013 8:05:03 PM PDT by vette6387
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To: vette6387

The law says he can’t get rid of the city council.

Would you be prouder if we just dumped it on the rest of the taxpayers of the country?


37 posted on 03/30/2013 8:07:41 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: ChildOfThe60s
The CA politicos’ mouths are moving about repaying this 10% “loan”? I don't think so. The state is up to it's collective eye balls in debt and they have SPENT this money. There is none to pay back, even if they were serious (which they are not). No, the money’s gone forever and the state of CA circles the drain even faster and faster and faster.
38 posted on 03/30/2013 8:33:49 PM PDT by MasterGunner01
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To: cripplecreek

“Would you be prouder if we just dumped it on the rest of the taxpayers of the country?”

I reread your multiple posts and can’t figure out why you responded to me with this. My comment was that it was good for Orr to get rid of the schools chief but I was sorry he didn’t do the same the the City Council.
I don’t know where you got the idea that I wanted anything dumped on anyone. I am a life-long resident of CA, and I want this state to go under; the sooner the better. Any Fed bailout would negate what needs to be done here, and I say that despite the fact that CA going under might well cause me to go under as well. I take it you are from Michigan. Same goes there, Michigan needs to clean up Detroit w/o outside “help” too.
Frankly, I see lots of cities here that may well have to go through bankruptcy. They all thought that they could deny financial gravity, but they couldn’t. There may be riots, but my guess is that it will be the PE unions not the poor, because the rich and the poor have the same enemy, the union PE.


39 posted on 03/30/2013 8:59:32 PM PDT by vette6387
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To: cicero2k; lowbridge
CA is worse off? LOL...

Look, the U.S. debt of 17 TRILLION...and the million dollar column is spinning like a gas pump.

To put things in prospective as you say...It takes 1,000 billion to make just 1 trillion..

Did I say 1,000 billion makes just one trillion?

So your government is 17 thousand billion in the hole...

You can see the smoke coming off the printing presses in D.C. from Las Vegas.

yuk yuk...

40 posted on 03/30/2013 9:07:31 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: vette6387

It was the emergency manager for the schools who fired the school board members because he got the authority to do so on Wednesday, Orr doesn’t have that same authority over city council members.


41 posted on 03/31/2013 4:17:35 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: lowbridge

bookmark


42 posted on 03/31/2013 8:18:40 AM PDT by Free Vulcan (Vote Republican! You can vote Democrat when you're dead...)
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To: WhiskeyX

And take a star off the flag.


43 posted on 03/31/2013 8:27:23 AM PDT by Walmartian (I'm their leader. Which way did they go?)
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