Posted on 04/02/2024 7:48:15 AM PDT by Kaiser8408a
There is gold in them thar hills in California. And politicians like Gavin Newsom (aka, Pond Scum) not only spend all their cash available from (ruinous) taxes, but also spend like drunken miners and run up massive deficits and debts.
Governor Gavin Newsom bragged of a surplus, but California is seriously underwater. The next recession will hit the state extremely hard.
How Much Is California in Debt? The above link says over a trillion. That’s being very generous to California. Click on it to discover … California State and Local Liabilities exceed $1.6 Trillion.
California’s total state and local government debt now stands at almost $1.6 trillion, or about half the state’s GDP.
But thanks to Newsom’s Presidential ambitions (God help us!), along with virtually psychopathic state legislators, California has been tax crazy (particularly in 2022). This has helped to drive a demoralized middle class to Arizona, Texas, Nevada and other lower tax states.
And then we have California’s fast food minumum wage disaster, causing closing of small, family-owned restaurants. And causing massive layoffs in the fast food industry and probably leading to an AI takeover of corporate resturants (I remember taking my poor wife to Olive Garden and I refused to use to electronic ordering system and demanded a real waiter to serve us. The waiter told us that nobody liked the electronic ordering system).
While not the only guilty party, Newsom is a leader … in bankrupting California with his budgetary fantasies and Presidential aspirations.
I am surprised that Newsom hasn’t used the themesong from Jim Bowie as his themesong.
(Excerpt) Read more at confoundedinterest.net ...
$1.6 trillion. Staggeringly unbelievable.
Letitia James is pursuing Trump because he inflated the value of a property to get a loan. But he paid the loan back on time and the lender was satisfied. There were no aggrieved parties.
But the State of CA just keeps borrowing and borrowing and borrowing stacking debt upon debt until the total debt is $1.6 TRILLION, half of state GDP.
If the Letitia James principles were adhered to, the entire CA State Government would be behind bars and having to raise a 20 Trillion bail bond to even appeal the charges.
But, no, the state governments are immune from such fiscal crimes.
“This has helped to drive a demoralized middle class to Arizona, Texas, Nevada and other lower tax states.” — that’s exactly why I am writing this from Idaho.
California’s deficits, debt and liabilities will, in one way or another, be shifted to Fed.gov, which can print money, and issue debt which will be monetized by the Federal Reserve.
Anything to keep America’s largest woke, democrat, one-party state functioning.
Will it occur to these idiots to cut spending? Of course not. Their instinctual reaction will be to increase taxes on the “rich” and to encourage more and more of those people to leave the state.
The only way to fix California is to let it break and go into bankruptcy.
The answer is to just raise taxes then more fees and do not forget the bond measures that will cost twice as much over the years.
I thought State and Local governments couldn’t do deficit spending.
The answer is to just raise taxes then more fees and do not forget the bond measures that will cost twice as much over the years.
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Don’t forget laying off police and fireman. Or the easy way closing state parks.
Oh there are not may toll roads in California they can make all freeways (that have been paid for for year now toll roads).
The last thing they will do is cut the bureaucracy .
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