quote:
How much in debt are the California governments? That’s hard to know too. According to a January 2017 study, “California state and local governments owe $1.3 trillion as of June 30, 2015.” The study was based on “a review of federal, state and local financial disclosures.”

In other words, that $1.3 trillion in debt is the amount to which California governments admit. Other studies believe it to be more. Indeed, one study says it is actually $2.3 trillion and a recent Hoover Institute stated that there is over $1 trillion in pension liability alone, or $76,884 per household. Incredibly, there are 4 million current pension beneficiaries, a number that continues to grow and which exceeds the total population of 22 states.

What’s the right number? Apparently, it is so large it is hard to accurately estimate. In every case, the number is staggering.

This always blows my mind. No one knows. Its a great mystery. And people wonder why the government is hated so much. Try getting away with some shite like this as a regular person. Hey, banky mcbankface, I have know idea how much I owe you. Lets call it $100 for now, mmk? Sure bro. no worries pay me when you can.

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Posted by trinidadtiger

Member since Jun 2017

13547 posts

Posted on 6/21/19 at 4:15 am to UnitedFruitCompany

quote:
This always blows my mind. No one knows. Its a great mystery. And people wonder why the government is hated so much. Try getting away with some shite like this as a regular person. Hey, banky mcbankface, I have know idea how much I owe you. Lets call it $100 for now, mmk? Sure bro. no worries pay me when you can.

I read a few articles on this. The state unions ask for a pay raise and the state bureaucrats cant afford it so they agree to retirement benes that wont kick in til they are out of office. They continually do this and the city and county unions use as a benchmark and they get them as well.

Then the bureaucrats hire some people who did the charts for global warming, toss some of the revenue into Amazon stock when it was soaring, use this time period and extrapolate it over several years, take the growth rate of Calis population from 20 years ago, including illegals and pretend they will pay tax at the same rate as citizens, and VOILA we actually have a surplus in the pension fund so feel free to spend more money on other stuff.

And they have not hit "the wall" as they call it, baby boomer pensioners are now just beginning to retire, and its a huge nut. And to add insult to injury, where do they retire and spend their money....not in cali.

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