Posted on 12/17/2023 9:06:17 AM PST by Kaiser8408a
Both the US Federal government and California’s government are facing a fiscal inferno. Thanks to a softening economy and inane fiscal policies.
First, let’s begin with banks to illustrate the worsening condition of the economy. Emergency loans from The Fed’s Bank Term Funding Program (BTFP) is on the rise, signaling perceived trouble in the economy.
Small banks are suffering more than big banks.
Consumer sentiment is below 70 (100 baseline) under Biden and Bidenomics.
And then we have Gavin “Gruesome” Newsom and California. California is now facing a $68 billion deficit. It has also defaulted on a $20 billion loan from the federal government. The situation is so dire the state is telling agencies not to replace broken printers or re-stock office supplies. Workers are being stripped of benefits and could face furloughs. This is all happening as the state has spent billions funding High-Speed Rail and expanding Medi-Cal to all undocumented immigrants, while losing billions in tax revenue from people leaving the state.
$68 billion is over twice this forecast deficit of $24 billion.
But never fear. “Billions Biden” will make sure California is okay, ar least until the 2024 Presidential election.
(Excerpt) Read more at confoundedinterest.net ...
When you can print your own money...
Couldn’t happen to a nicer state...
* defaulted on a $20 billion loan from the federal government
* Workers are being stripped of benefits and could face furloughs
* DO NOT replace your broken printers or re-stock office supplies
But CA will get its High Speed Rail Stonehenge. It will never run. If it does, maybe one train a week between Visalia and Bakersfield and it will be broken down and arriving late.
If I were Biden, I’d abandon California. He’s got those electoral votes locked up.
“How did you go bankrupt?”
Two ways. Gradually, then suddenly.”
― Ernest Hemingway, The Sun Also Rises
I wish the Confoundedinterest website would have provided a link to the claim of the $20 Billion loan default, it would make it easier to back up their claim.
Here is a link to the alligation for anyone interested: https://www.hoover.org/research/california-defaults-185-billion-debt-leaving-state-businesses-holding-bag
But the land barons and developers will get their cake.
See... California’s problems are never just California’s problems. We ALL pay for their illogical irrational policies.
California can never run out of money—as long as Democrats remain in power in DC.
“Default”—lol.
The Bidet team is just going to shovel more money in CA’s direction to pay themselves back.
Total joke.
The clowns think that they can print their way to happiness while they are in office.
If it collapses after they are gone that is somebody else’s problem.
You’re right, of course. Hang on tight. Or tightly if language is your thing.
Nope between Merced and Bakersfield and it will never arrive at all
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