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Think the $160 Billion deficit in seven years is bad?
How about the $68 billion in bonded indebtedness, with a total of $129 billion authorized?
Maybe the $525 billion in unfunded CalPRS liabilities is a problem?.
Did you know that California has borrowed $8.4 billion from the /Feds to pay our unemployment insurance checks--and next year we need to pay $500 million in INTEREST--from the General Revenue?
But it gets worse!
"The UI Fund Is Currently Insolvent. The UI fund became insolvent in January 2009 and ended that year with a shortfall of $6.2 billion. Absent corrective action, the fund deficit is projected to increase to approximately $20 billion at the end of 2011 (Employment Development Department [EDD] will soon update these projections). During 2009, the state paid about $11.3 billion in benefits to workers while collecting only about $4.5 billion from employers. This recent spike in benefit costs is due to the recession, which resulted in more workers than ever applying for UI benefits"
Sometime in 2011 California State government will fiscally collapse--then we will see real reform.
More...
How about the $68 billion in bonded indebtedness, with a total of $129 billion authorized?
Maybe the $525 billion in unfunded CalPRS liabilities is a problem?.
Did you know that California has borrowed $8.4 billion from the /Feds to pay our unemployment insurance checks--and next year we need to pay $500 million in INTEREST--from the General Revenue?
But it gets worse!
"The UI Fund Is Currently Insolvent. The UI fund became insolvent in January 2009 and ended that year with a shortfall of $6.2 billion. Absent corrective action, the fund deficit is projected to increase to approximately $20 billion at the end of 2011 (Employment Development Department [EDD] will soon update these projections). During 2009, the state paid about $11.3 billion in benefits to workers while collecting only about $4.5 billion from employers. This recent spike in benefit costs is due to the recession, which resulted in more workers than ever applying for UI benefits"
Sometime in 2011 California State government will fiscally collapse--then we will see real reform.
More...