Skip to comments.Analyst says California faces $340 billion in debt
Posted on 05/07/2014 1:36:01 PM PDT by PoloSec
California faces $340 billion in debts, or more than $8,500 for each of its 38 million residents, the nonpartisan Legislative Analyst's Office said Wednesday in recommending that the state set priorities for paying down its key long-term liabilities.
The state should first address the $73.7 billion shortfall in the teachers' retirement system, a debt that could cost the state, teachers and school districts a combined $5 billion a year to resolve over 30 years. Without changes, the system serving 868,000 members is projected to run out of money by 2046.
(Excerpt) Read more at washingtonexaminer.com ...
It is going to get a lot worse for the socialist in CA, as more businesses
So, why are not all of those liberals helping out? I am certain that they have plenty of cash to assist their failing State.
Run and DESTROYED by Democrats.
They have one big advantage.
Their 55 electoral votes and membership in the “blue wall” means they’ll be at the front of the line for federally guaranteed state bonds.
Along with Illinois and New York.
When Jerry Brown was recently asked about why Toyota is moving from California to Texas he said “You get what you pay for.”
That shows you how clueless and economically ignorant most people in California are, especially the voters.
“The state should first address the $73.7 billion shortfall in the teachers’ retirement system,”
In other words they never fully funded the retirement system, instead relying on future tax receipts to cover their failures.
They should just levy that as a tax per person and see how that flies
“federally guaranteed state bonds”
The federal government guaranteeing California ... that’s something like Jesse Jackson vouching for Bill Clinton’s veracity and character?
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 07 May 2014 at 08:44:56 PM GMT is:
$ 1 7 , 4 7 7 , 8 7 7 , 3 5 5 , 6 2 9 . 6 9
The estimated population of the United States is 318,173,167
so each citizen’s share of this debt is $54,931.97.
“They should just levy that as a tax per person and see how that flies”
How about a $5000 per head tax on illegal immigrants? That would be a good place to start
I totally understand what you mean.
But as long as the markets continue to swallow the fake money, there will be liberals more than willing to create the debt.
In Dec the state announced it’s budget surplus projection.
The dems in Sacto are planning on increasing programs in a variety of areas. Can’t have that surplus around.
That’s not possible, with the demonrats holding all the cards, they couldn’t possibly be pissing away California’s future. I seem to recall not that long ago that Gov. Moonbeam was telling everyone to ignore the iceberg looming ahead, that California was in great shape. I usually wouldn’t care about a bunch of demonrats sinking on their ship, but damnit! their taking me down with them.
I’ve been attacked on here for saying that before an illegal gets “in-state” college tuition rates, they should have to pay for the number of years they have illegally received K-12 education for free.
Get out while you still can and take all of your assets with you. There are great investments and a much lower cost of living in other great states.
I have THE SOLUTION!RAISE TAXES On THE PRODUCERS!!!!!!!!!!!
Instead of Guam tipping over from military personnel Kali will tip over from debt.
It couldn’t happen to a better state or their governor or the STUPID VOTERS, that voted them in. If I was a private company or self employed or working for a private a company, I would make a BEE-LINE for a more business friendly state. Because YOUR TAXES ARE GOING TO GO UP TO THE SKY. Who will the state government tax? The people on government dole? Or maybe they will tax the illegal invaders? I know, they are going to tax all the state employees. Yeah right. What’s happening in California will be happening in every liberal state in the union. I predict that what will happen to California next, will be the people with imagination will go on a barter trade. NO TAXES TO PAY. GO FOR IT, ALL YOU LIBERAL, SOCIALISTS AND COMMUNISTS, drive California broke. But before that happens, I will guarantee every one, these same politicians will leave that state, to do damage to another state.
Tsk tsk tsk, how did this happen in the socialist paradise know as the peoples republic of kalifornia??
“Get out while you can and take all of your assets with you”.
The problem with that is they take they’re politics with them and screw up the next place they live.
That’s only one third of the Stimulus money Opie Obama stole from the treasury to give to his friends.
They can kiss my bottom if they think I am paying for their debts of extravagant government spending!
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Aint gonna happen.
FReepers get off on laughing at Detroit but its really a very small canary in a very big coal mine.
Yep, it’s funny in a pathetic way that people who supposedly pride themselves on being informed are some of the first to pick up rocks without doing even some of the most basic research about how bad things are all over these United States
Keep up the good work, although I don’t comment on them, I find the posts from your perspective and sources about MI/Detroit quite revealing.
How are those illegals workin’ for ya’? They paying more taxes like you thought they would?
No doubt the California pols are expecting to be bailed out by taxpayers from the other 56 states.
Solutions are good for all of us, sitting back and laughing is helping to tighten the grip of those who created the problems.
After all, the only reason Detroit is even an issue is because the MI GOP has stepped up to try to solve a problem that has been allowed to fester for decades.
California public debt was $60B plus just six years ago as reported in the above PDF. Democrats are especially “Miracle Gro” for debt.
Those illegals wouldn’t have been a problem if the Feds hadn’t stepped in and deemed Prop 187 unconstitutional...
But thanks for the support anyway.
Your turn is coming, everyone’s turn is coming...the Rats and GOPe will see to it.
That’s what happens when you turn the lights on unexpectedly...the RATS scurry for cover by creating “issues” out of the rational corrective actions.
Playing on emotions and rhetoric.
Just askin’ a question here.
Hey, I’ve got a couple of ideas they’ve never tried that should fix the problem - make more sanctuary cities, raise taxes, and raise the minimum wage!
Let’s all pray these refugees LEAVE THEIR SOCIALIST BRAVO SIERRA BEHIND!