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Analyst says California faces $340 billion in debt
Washington Examiner ^ | May 7 2014 | Washington Examiner

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 ...


TOPICS: Government; News/Current Events; US: California
KEYWORDS: 340billiondebt; broke; california; debt; democrats; kalifornia

1 posted on 05/07/2014 1:36:01 PM PDT by PoloSec
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To: PoloSec

It is going to get a lot worse for the socialist in CA, as more businesses
move out.


2 posted on 05/07/2014 1:38:23 PM PDT by tennmountainman (Just Say No To Obamacare)
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To: PoloSec

So, why are not all of those liberals helping out? I am certain that they have plenty of cash to assist their failing State.


3 posted on 05/07/2014 1:38:40 PM PDT by rjsimmon (The Tree of Liberty Thirsts)
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To: PoloSec

Run and DESTROYED by Democrats.


4 posted on 05/07/2014 1:38:54 PM PDT by EagleUSA
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To: PoloSec

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.


5 posted on 05/07/2014 1:40:49 PM PDT by nascarnation (Toxic Baraiaq Syndrome: hopefully infecting a Dem candidate near you)
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To: PoloSec

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.


6 posted on 05/07/2014 1:42:17 PM PDT by forgotten man
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To: PoloSec

“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.


7 posted on 05/07/2014 1:43:44 PM PDT by Blood of Tyrants (Haven't you lost enough freedoms? Support an end to the WOD now.)
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To: PoloSec

They should just levy that as a tax per person and see how that flies


8 posted on 05/07/2014 1:44:54 PM PDT by GeronL (Vote for Conservatives not for Republicans!)
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To: nascarnation

“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.


9 posted on 05/07/2014 1:47:43 PM PDT by tumblindice (America's founding fathers: all armed conservatives)
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To: nascarnation
They will YELL for the rest of us to bail them out.

Here's the Best Reply.


10 posted on 05/07/2014 1:49:47 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: GeronL

“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


11 posted on 05/07/2014 1:49:55 PM PDT by Fai Mao (Genius at Large)
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To: tumblindice

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.


12 posted on 05/07/2014 1:50:22 PM PDT by nascarnation (Toxic Baraiaq Syndrome: hopefully infecting a Dem candidate near you)
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To: Fai Mao

Bump


13 posted on 05/07/2014 1:50:58 PM PDT by GeronL (Vote for Conservatives not for Republicans!)
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To: PoloSec

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.


14 posted on 05/07/2014 1:51:05 PM PDT by morphing libertarian
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To: PoloSec

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.


15 posted on 05/07/2014 1:51:05 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: Fai Mao

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.


16 posted on 05/07/2014 1:52:21 PM PDT by nascarnation (Toxic Baraiaq Syndrome: hopefully infecting a Dem candidate near you)
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To: PoloSec
Why do you think people with relocatable earning potential are leaving the state as fast as they can? If you work on a computer they run just fine in states with much better tax situations.

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.

17 posted on 05/07/2014 1:53:58 PM PDT by oldenuff2no (Citizen)
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To: PoloSec

I have THE SOLUTION!RAISE TAXES On THE PRODUCERS!!!!!!!!!!!


18 posted on 05/07/2014 1:58:12 PM PDT by bandleader
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To: PoloSec

Instead of Guam tipping over from military personnel Kali will tip over from debt.


19 posted on 05/07/2014 2:02:29 PM PDT by certrtwngnut (')
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To: PoloSec

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.


20 posted on 05/07/2014 2:02:29 PM PDT by gingerbread
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To: PoloSec

Tsk tsk tsk, how did this happen in the socialist paradise know as the peoples republic of kalifornia??


21 posted on 05/07/2014 2:04:36 PM PDT by 12th_Monkey (One man one vote is a big fail, when the "one" man is an idiot.)
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To: oldenuff2no

“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.


22 posted on 05/07/2014 2:07:32 PM PDT by certrtwngnut (')
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To: PoloSec

That’s only one third of the Stimulus money Opie Obama stole from the treasury to give to his friends.


23 posted on 05/07/2014 2:08:27 PM PDT by Iron Munro (Malaysia Flight MH370 Black Box signals reported in Bermuda Triangle)
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To: tumblindice

They can kiss my bottom if they think I am paying for their debts of extravagant government spending!


24 posted on 05/07/2014 2:09:18 PM PDT by fabian (" And a new day will dawn for those who stand long, and the forests will echo in laughter")
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To: All


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25 posted on 05/07/2014 2:14:17 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: PoloSec
The SEIU dummies actually think they can extort all this money from the CA Taxpayer.

Aint gonna happen.

26 posted on 05/07/2014 2:15:20 PM PDT by Mariner (War Criminal #18)
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To: PoloSec
Problems like this are actually easy to solve if you have the will to do so.

In Michigan we're debating giving Detroit $350 million over 20 years which will just extend the problem for another 20 years. Meanwhile in the Detroit institute of the arts sit billions of dollars worth of art. This single painting (The wedding dance Pieter Bruegel the Elder) was just appraised at $200 million.

Image and video hosting by TinyPic

I personally hate the idea of selling any of this art but reality isn't about what I like or want. The simple fact is, selling 2 or 3 paintings out of hundreds would solve the immediate crisis. The long term crisis would still exist but they can be largely overcome through privatization and contract renegotiation which has brought other Michigan cities back from the brink.

In reality there is nothing fundamentally different between what has happened to Detroit and what is coming to cities and states all across the country. The fixes are basically the same aside from the federal interference that comes with dealing with land the feds consider to be their own. There was a billion dollar offer for Belle Isle in Detroit by a developer who wanted to make it a tax free trade territory but there was simply no way it was going to be allowed.
27 posted on 05/07/2014 2:20:47 PM PDT by cripplecreek (Remember the River Raisin.)
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To: PoloSec

http://www.statebudgetsolutions.org/publications/detail/moodys-downgrades-kansas-credit-rating-citing-sluggish-recovery-and-risky-tax-plan

http://www.statebudgetsolutions.org/publications/detail/mass-pension-plan-ranks-worst-in-us-study-finds

http://www.statebudgetsolutions.org/publications/detail/state-government-dependence-on-federal-funding-growing-at-alarming-rate

http://www.statebudgetsolutions.org/publications/detail/state-budget-shortfall-projected-to-be-445-million

http://www.statebudgetsolutions.org/publications/detail/oklahoma-faces-budget-crisis-despite-economic-boom

http://www.statebudgetsolutions.org/publications/detail/delaware-budget-writers-look-for-ways-to-plug-shortfall

http://www.statebudgetsolutions.org/publications/detail/latest-studies-show-growing-pension-peril


28 posted on 05/07/2014 2:44:23 PM PDT by SZonian (Throwing our allegiances to political parties in the long run gave away our liberty.)
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To: SZonian

FReepers get off on laughing at Detroit but its really a very small canary in a very big coal mine.


29 posted on 05/07/2014 3:05:44 PM PDT by cripplecreek (Remember the River Raisin.)
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To: cripplecreek

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.


30 posted on 05/07/2014 3:13:20 PM PDT by SZonian (Throwing our allegiances to political parties in the long run gave away our liberty.)
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To: PoloSec

How are those illegals workin’ for ya’? They paying more taxes like you thought they would?


31 posted on 05/07/2014 3:14:13 PM PDT by jsanders2001
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To: PoloSec

No doubt the California pols are expecting to be bailed out by taxpayers from the other 56 states.


32 posted on 05/07/2014 3:23:33 PM PDT by Rockpile
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To: SZonian

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.


33 posted on 05/07/2014 3:28:42 PM PDT by cripplecreek (Remember the River Raisin.)
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To: PoloSec

http://www.ppic.org/content/pubs/jtf/JTF_PublicDebtJTF.pdf

California public debt was $60B plus just six years ago as reported in the above PDF. Democrats are especially “Miracle Gro” for debt.


34 posted on 05/07/2014 3:42:07 PM PDT by givemELL (Does Taiwan eet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: jsanders2001

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.


35 posted on 05/07/2014 3:52:02 PM PDT by SZonian (Throwing our allegiances to political parties in the long run gave away our liberty.)
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To: cripplecreek

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.


36 posted on 05/07/2014 3:54:02 PM PDT by SZonian (Throwing our allegiances to political parties in the long run gave away our liberty.)
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To: PoloSec
Do you suppose part of the problem is that the state is literally hemorraging productive citizens who are being replaced by folks from down south of the border who don't have jobs and are on the dole or don't pay taxes if they do?

Just askin’ a question here.

37 posted on 05/07/2014 3:59:36 PM PDT by Dick Bachert (Ignorance is NOT BLISS. It is the ROAD TO SERFDOM! We're on a ROAD TRIP!!)
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To: PoloSec

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!


38 posted on 05/07/2014 4:26:55 PM PDT by Gritty (Gun controllers aren't afraid of guns but a country where the individual has power-Dan Greenfield)
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To: tennmountainman

Let’s all pray these refugees LEAVE THEIR SOCIALIST BRAVO SIERRA BEHIND!


39 posted on 05/07/2014 5:36:43 PM PDT by Dick Bachert (Ignorance is NOT BLISS. It is the ROAD TO SERFDOM! We're on a ROAD TRIP!!)
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