Friday, September 21, 2012

Surprise! California is far more broke than we thought

Gov. Jerry Brown of California announced when he came into office last year that he had found an alarming $28 billion “wall of debt” looming over the state, which had to be dismantled...

...The task force estimated that the burden of debt totaled at least $167 billion and as much as $335 billion. Its members warned that the off-the-books debts tended to grow over time, so that even if Mr. Brown should succeed in pushing through his tax increase, gaining an additional $50 billion over the next seven years, the wall of debt would still be there, casting its shadow over the state.
Read the rest here.

1 comment:

Chris said...

Best to let California drown into the Pacific Ocean rather than let them take the rest of us with them.