So the general fund is 26B short.
Teachers pension fund is 56B short
And unemployment is 13.4B short.
All with safety net laws that we tax payers pick up the tab
“The unemployment insurance fund, insolvent since January 2009, relies on federal loans to pay jobless benefits.
The debt is expected to hit $13.4 billion by the end of this year unless state lawmakers and the governor agree to
raise payroll taxes, cut benefits or do some combination of both. An interest bill of $362 million is due in September.”
”By law, the state, which faces a $26-billion general budget deficit, must repay the federal loans to the EDD by November.”
EDD’s failure to repay its loans by then would trigger a $325-million federal tax hike next year on employers.
That payroll tax bite would rise incrementally to a maximum of about $6 billion if the loan goes unpaid and
the state misses interest payments over several years.
http://www.latimes.com/business/la-fi-edd-audit-20110325,0,1902644.story
Time for taxpayers to flee California before they get the bill. Oh, wait a minute - maybe Jerry Brown will try to charge it to his Obamacard so we all get to pay the tab.