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California Becomes the State With the Highest Debt as Reliance on Taxpayers Backfires

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rangerrebew:
California Becomes the State With the Highest Debt as Reliance on Taxpayers Backfires
©Source: Pinterest

California, one of the most populated states in the United States, never ceases to have pressing issues. The big state is currently battling with a huge debt that has reached approximately $21 billion.

The genesis of this huge debt can be traced back to the pandemic period when the state had to borrow a huge sum from the federal government to pay for unemployment benefits. Also, the state currently accounts for 20% of the nation’s unemployment, which contributed to the state’s financial problems.

https://www.msn.com/en-us/money/markets/california-becomes-the-state-with-the-highest-debt-as-reliance-on-taxpayers-backfires/ss-BB1m70La?ocid=widgetonlockscreen&cvid=c81f2dd049b74a24a80ec75ddbadf6f4&ei=87#image=1

SZonian:
Last I heard, the debt was somewhere around $60B, not $21B...someone's cooking the books.

PeteS in CA:

--- Quote from: SZonian on May 10, 2024, 12:25:27 pm ---Last I heard, the debt was somewhere around $60B, not $21B...someone's cooking the books.

--- End quote ---

The State of California has been cooking the books for so long that the books have transitioned from "hammered" to "whole burnt offering". $$ gets shuffled from one budgetary area to another. Gas tax and DMV fee $$ that should be used for road/highway building and maintenance has been funneled into Sacred Mass Transit boondoggles for decades (think Moonbeam 1.0). Teachers' and state employees' pension funds have been underfunded for decades.

This is a big part of why I was and am so POed that R Mo-o-o-o-o-oooooooderates ego-stroked Ahnold the RINO into running for governor in the Gray Davis recall. State Rep Tom McClintock would have won instead, and he knew where every budgetary skeleton-closet was and where every budgetary body was buried. Ahnold the RINO was a budgetary invertebrate!

Hoodat:
McClintock would have been awesome.

SZonian:

--- Quote from: PeteS in CA on May 10, 2024, 05:25:43 pm ---The State of California has been cooking the books for so long that the books have transitioned from "hammered" to "whole burnt offering". $$ gets shuffled from one budgetary area to another. Gas tax and DMV fee $$ that should be used for road/highway building and maintenance has been funneled into Sacred Mass Transit boondoggles for decades (think Moonbeam 1.0). Teachers' and state employees' pension funds have been underfunded for decades.

This is a big part of why I was and am so POed that R Mo-o-o-o-o-oooooooderates ego-stroked Ahnold the RINO into running for governor in the Gray Davis recall. State Rep Tom McClintock would have won instead, and he knew where every budgetary skeleton-closet was and where every budgetary body was buried. Ahnold the RINO was a budgetary invertebrate!

--- End quote ---
:yowsa: pointing-up

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