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Finally, someone in the media willing to say the emperor wears no clothes--and it totally broke.
"He (State Treasurer Bill Lockyer) said the state’s bond payments currently run around $6 billion a year. He added that, according to the state constitution, payments must be made in this order: K-14 education, then bonds.
Currently, the state budget is about $86 billion and education about $40 billion. Bonds are $6 billion. So that leaves $40 billion for everything else: higher education, police, roads, parks, etc."
We have over $275 billion in debt, the deficit is over $30 billion and growing, unfunded liabilities, all of them, are close to $700 billion.
California is bankrupt. California is also in a Great Depression. The voters will not raise taxes. Government, for the first time in a generation will be forced to have real budget cuts--starting with the termination of 50-60,000 government employees at the State level, and maybe 100,000 at the local level. Until that happens, and the end of AB 32, California will continue to take on the look and feel of Detroit--a symbol of radical Democrat policies.
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"He (State Treasurer Bill Lockyer) said the state’s bond payments currently run around $6 billion a year. He added that, according to the state constitution, payments must be made in this order: K-14 education, then bonds.
Currently, the state budget is about $86 billion and education about $40 billion. Bonds are $6 billion. So that leaves $40 billion for everything else: higher education, police, roads, parks, etc."
We have over $275 billion in debt, the deficit is over $30 billion and growing, unfunded liabilities, all of them, are close to $700 billion.
California is bankrupt. California is also in a Great Depression. The voters will not raise taxes. Government, for the first time in a generation will be forced to have real budget cuts--starting with the termination of 50-60,000 government employees at the State level, and maybe 100,000 at the local level. Until that happens, and the end of AB 32, California will continue to take on the look and feel of Detroit--a symbol of radical Democrat policies.
More...