Tweet
How much trouble is California in fiscally? Some talk about the Golden State being the first failed State. Others say that we are technically bankrupt.
"Former state librarian (and California historian) Kevin Starr is talking about the potential of California being the nations first failed state, Moorlach says. We better start talking about this. What are we going to do when the entity (state government) above us crumbles? How do we avoid getting hammered by all the debris? I think we are already technically bankrupt.
Moorlachs warning come as cities and counties throughout the state are experiencing significant deficits and many are considering layoffs and cuts in salaries and benefits and public services. In recent years, the state has been able to avoid large budget cuts through borrowing, tax increases and accounting gimmicks, but it now faces a $20 billion shortfall and is running out of tricks."
The State Controller says we will run out of cash by the end of March. The Democrats pass a bill to cut spending by $2 billion--including $500 million in cuts for prison medical care. Of course the courts demand we spend $8 billion more for prison health care--so a cut of half a billion in the real world will not happen.
Until the adult’s takeover Sacramento, the Great California Depression will continue.
More...
"Former state librarian (and California historian) Kevin Starr is talking about the potential of California being the nations first failed state, Moorlach says. We better start talking about this. What are we going to do when the entity (state government) above us crumbles? How do we avoid getting hammered by all the debris? I think we are already technically bankrupt.
Moorlachs warning come as cities and counties throughout the state are experiencing significant deficits and many are considering layoffs and cuts in salaries and benefits and public services. In recent years, the state has been able to avoid large budget cuts through borrowing, tax increases and accounting gimmicks, but it now faces a $20 billion shortfall and is running out of tricks."
The State Controller says we will run out of cash by the end of March. The Democrats pass a bill to cut spending by $2 billion--including $500 million in cuts for prison medical care. Of course the courts demand we spend $8 billion more for prison health care--so a cut of half a billion in the real world will not happen.
Until the adult’s takeover Sacramento, the Great California Depression will continue.
More...