[18 / 1 / ?]
Under several terms of progressive leadership, Californias economy is imploding.
The state withheld an embarrassing audit for nearly an entire year past it's legal deadline.
It shows the state owes a quarter trillion *more* money than it has in available resources, and even if it liquidated all of its bonds, pensions, etc, it would still owe an additional $55 billion.
This is the power of progressive leadership
https://www.thecentersquare.com/california/article_4789f610-e6f1-11ee-992c-075b5196451e.html
California audit finds state is broke: $55 billion more owed than available
California just filed its 2021-2022 audited financial statement, 350 days past the filing deadline. In its filing, the state admits that COVID-era unemployment fraud cost the state $29 billion that must be paid back to the federal government, and that in 2022, the state had $256 billion more in liabilities than it had in unrestricted resources.
After accounting for restricted resources, such as purpose-specific state trust funds and bonds, the state still owed $55 billion more than it had.
With massive stock market gains and unprecedented job growth in the high-earning tech field amid a post-pandemic recovery, 2022 was a year of great economic prosperity for California. However, for FY 2021-2022 the state nonetheless adopted a budget with $234 billion in spending from the general fund compared to $220 billion in revenue.
California faces a $73 billion deficit for the 2024-2025 fiscal year, to which the Democratic legislature has a proposal to cut this year’s budget by $2.1 billion and a proposal to spend $12 billion, or half the state’s rainy day fund. With the state reducing 2023 revenues are lower than expected. With a significant expansion of benefits, including expanding taxpayer-funded MediCal to all illegal immigrants, and a major shift in illegal immigration from heavily-enforced Texas to California instead, state expenditures could end up being higher than expected.
The state withheld an embarrassing audit for nearly an entire year past it's legal deadline.
It shows the state owes a quarter trillion *more* money than it has in available resources, and even if it liquidated all of its bonds, pensions, etc, it would still owe an additional $55 billion.
This is the power of progressive leadership
https://www.thecentersquare.com/california/article_4789f610-e6f1-11ee-992c-075b5196451e.html
California audit finds state is broke: $55 billion more owed than available
California just filed its 2021-2022 audited financial statement, 350 days past the filing deadline. In its filing, the state admits that COVID-era unemployment fraud cost the state $29 billion that must be paid back to the federal government, and that in 2022, the state had $256 billion more in liabilities than it had in unrestricted resources.
After accounting for restricted resources, such as purpose-specific state trust funds and bonds, the state still owed $55 billion more than it had.
With massive stock market gains and unprecedented job growth in the high-earning tech field amid a post-pandemic recovery, 2022 was a year of great economic prosperity for California. However, for FY 2021-2022 the state nonetheless adopted a budget with $234 billion in spending from the general fund compared to $220 billion in revenue.
California faces a $73 billion deficit for the 2024-2025 fiscal year, to which the Democratic legislature has a proposal to cut this year’s budget by $2.1 billion and a proposal to spend $12 billion, or half the state’s rainy day fund. With the state reducing 2023 revenues are lower than expected. With a significant expansion of benefits, including expanding taxpayer-funded MediCal to all illegal immigrants, and a major shift in illegal immigration from heavily-enforced Texas to California instead, state expenditures could end up being higher than expected.
