California is totally fucked! Now more than 1.3 trillion dollars in debt. WTF?

According to a new report from the California Policy Center, the not so “Golden” State is now in the hole for more than 1.3 trillion dollars… Which doesn’t even include infrastructure and future maintenance costs!

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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.

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Not included are billions of dollars in deferred maintenance and upgrades to California’s infrastructure. To the extent California’s government has not maintained investment in infrastructure maintenance and upgrades to keep up with normal wear and to keep pace with an expanding population, it has passed this cost on to future generations who will have to issue additional debt to pay for this expense…”

Read more: http://kfiam640.iheart.com/onair/john-and-ken-37487/cas-total-state-and-local-debt-15460831/#ixzz4Vb44QyXQ

5 Comments on California is totally fucked! Now more than 1.3 trillion dollars in debt. WTF?

  1. Rich Your just jealous, haven’t they told you?
    California’s economy is keeping the whole country out of a depression.
    This is just a hit piece to try and get California to stay in the union, after all as Meryl Creep recently stated ‘with out us (the real arts) you’d be stuck watching MMA Fighting and footsie ball.

    Like

  2. Judgement Day // January 14, 2017 at 1:22 pm // Reply

    And California will be more screwed up after middle class leaves this place, it will become possibly the second Detroit.

    Like

  3. Best decision I ever made was to leave California.

    Like

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