Posted on 03/30/2013 4:11:30 PM PDT by lowbridge
At end of the week, California's State Auditor released its annual financial report for the state. The report, compiled by Auditor Elaine Howle, found the state has a net worth of -$127.2 billion. If the state were a business, it would be a candidate for liquidation.
CA's financial situation deteriorated this year, largely because the state spent $1.7 Billion more than it collected in revenue. This over-spending worsened the state's debt picture.
"Expenses that exceeded revenues and increased long-term obligations resulted in an 81.4 percent decrease in the total net assets for governmental and business-type activities from the 20-10-11 fiscal year," said the report.
While this report paints a bleak picture of the state's future, it is also unrealistically optimistic.
(Excerpt) Read more at breitbart.com ...
It’s time to expand those social services then.
If the state was a business, the officers of the company would certainly be indicted.
California leads the way. ;-)
If the state were a business, it would be a candidate for liquidation, and you couldn’t get anyone, not even a “Klingon” to buy it.
And Jerry Brown just told us things were looking better.
Well, Jerry Brown and the peckerheads in Silicon Valley could pledge their fortunes and lives to save California. Somehow, I don’t think that will happen. They’d rather hang from lampposts than help their fellow man, which is expected from left-wing worms.
Bye-bye.
A Kenyan would
“Gov. Jerry Brown declared (Thursday 1/11) that California’s budget deficit has vanished thanks to new tax hikes and past spending cuts, marking the first time since the recession that state leaders haven’t faced a deep fiscal chasm in January.”
Of course, when Californication goes bankrupt, they politicians will turn to Wash-DC and cry. The repubs will refuse, then the MSM will clobber the airwaves with starving children and pushing granny off the cliff, then the repubs will balk and (sigh)...
Hope n Change yo
Time for an Emergency Manager to take over CA’s business, as just happened in Detroit.
Gov. Jerry Brown declared (Thursday 1/11) that California’s budget deficit has vanished thanks to new tax hikes and past spending cuts, marking the first time since the recession that state leaders haven’t faced a deep fiscal chasm in January.”
Right. a couple of bong hits makes everything look better.
They will tell the voters it is tax unfairness, even though every person with a home was purchasing with a different income. Some bought at 25k with 4k a year salaries. How would those folks today pay 4.5k a year in property taxes?
All roads lead to putting more people on welfare.
Well, we can state with certainty what the response will be:
1) “We must raise taxes on the wealthy and business.”
2) “We must spend money faster to stimulate the economy.”
This is exactly why I was glad to see the emergency manager in Detroit. Its the best of a lot of bad options.
Its our problem and we aren’t dumping it on others.
“It’s time to expand those social services then.”
What are you, some kind of RIGHT WING EXTREMIST?
We can do both, expand “social services” AND build a useless train in the Central Valley.
The faster Cali disentegrates the better.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.