“Are you speaking of the state coffers, or individuals in the state? The state has a combined debt of about $150bil.”
Wrong. According to Forbes: “There are 13 states whose net positions are negative, meaning, they have more total liabilities and deferred inflows of resources than they do total assets and deferred outflows of resources. In absolute numbers, California is the state with the most debt with $362.87 billion in total liabilities in 2019. However, with total assets worth $301.1 billion, California’s net position is better than some states with less debt.”
Thus, you see that California’s debt (liabilities) is greater than its assets. That means California “is in the fiscal hole.”
“California is the state with the most debt with $362.87 billion in total liabilities in 2019”
Forbes is adding pension debt to the mix, which may or may not be appropriate.
CA spun off all pensions to Calpers, a semi=private corporation.
By the Forbes measure, the USA is about $200 trillion in debt as it includes all retiree and SS/Medicare obligations.
As for BOND debt, the state has about $150bil outstanding. That’s the only debt that could generate default.