Analyst says California faces $340 billion in debt

Washington Examiner ^ | May 7 2014 | Washington Examiner

[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.

[12th_Monkey]

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

[certrtwngnut]

“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.

[Iron Munro]

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

[fabian]

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

[musicman]

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[Mariner]

The SEIU dummies actually think they can extort all this money from the CA Taxpayer.

Aint gonna happen.

[cripplecreek]

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.



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.

[SZonian]

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

[cripplecreek]

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

[SZonian]

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.

[jsanders2001]

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

[Rockpile]

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

[cripplecreek]

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.

[givemELL]

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.

[SZonian]

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.

[SZonian]

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.

[Dick Bachert]

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.

[Gritty]

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!

[Dick Bachert]

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