Jerry Brown says California’s finances are rosy once again.
I say rose is just another shade of red, and say that by ignoring the state’s growing debt and unsustainable pension obligations, Jerry and the Dems are ignoring two very large elephants in the room.
Today, my not-so-rosy view got additional support as the California Public Policy Center announced that it has tabulated all the government debt in California – the state, cities, counties, school districts, the whole government complex – and when they hit the total button, here’s what they got: $1,126,200,000,000.00. Hint: When reading that number, start with “One trillion ….”
That translates as an $80,000 debt burden on the shoulders of every household in the state.But actually, since one percent of California households pay 80 percent of the state’s taxes, your true burden is probably just a wee tiny bit smaller. Of course, when the one percent get hold of this info, they may be calling the moving vans, and your burden will go back up.
If you want more detail on this, read Ed Ring’s excellent piece in today’s CalWatchdog.