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follow Patrick 2018 Nov 28, 6:23pm
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We estimate that California state and local governments owe $1.3 trillion as of June 30, 2015. Our analysis is based on a review of federal, state and local financial disclosures. The total includes bonds, loans and other debt instruments as well as unfunded pension and other post-employment benefits promised to public sector employees. Our estimate of California government debt represents about 52% of California’s Gross State Product of $2.48 trillion. When added to the state’s share of the national debt, we find that California taxpayers are shouldering debt burdens on a par with residents of peripheral Eurozone states.Not included are billions of dollars in deferred maintenance and upgrades to California’s infrastructure.
If it was good enough for Greece, it's good enough for California!
Whether you’re a Democrat, a Republican or Independent, this list has to shock you.
Why California is Broke?
California Department of Justice Opinion Unit
We were in the top 10 economies in the world, not sure if we still are. The public sector has been cannibalizing it's revenue stream for years though. Eventually the behemoth will collapse in on itself.
The public sector has been cannibalizing it's revenue stream for years though. Eventually the behemoth will collapse in on itself.
California rose to the 5th largest economy on the planet this year.
Not all Fire-fighters get that much. I was talking to a guy who's a firefighter up north, and he was trying to sell my on switching careers. Sounds like $60k is what he makes. I'm guessing the high pay is coming from benefits, not base pay?