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 ...
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.
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.
Man would I love that job!
Doesn’t help that sports and Hollywood personas are considering moving out because of the onerous tax burden.
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.
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.
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.
They aint looking great but they are looking better.
.... I forgot to change the size of the graphic before posting .....
...... Sorry ... My Bad!
Will Calhoune come to the rescue?
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.
Did they include Calpers in the calculation
“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!
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?
“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.
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...
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