California’s wall of debt continues to grow

A new study from financial watchdog group Truth in Accounting found that “41 states do not have enough money to pay all of their bills, and, in total, the states have racked up over $1.5 trillion dollars in unfunded state debt.”

Not surprisingly, the Golden State did not fare well in the analysis, ranking 43rd in terms of debt per taxpayer, and comprising one of nine states to earn an “F” grade.

“Repeated decisions by state officials have left the state with a staggering debt burden of $255.1 billion,” the report concluded. “That burden equates to $21,600 for every California taxpayer.”

Source: Will California ever pay off its massive debt? – Daily News

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One comment

  1. NO is the simpe answer. The hallmark of ALL Socialist countries and states like kaly is that they have to borrow maaive amounts of monies to try to create the Marxist Utopian Dream / Nightmare and the ONLY way they can keep the ponzi scam going is to continually raise taxes. Interestingly enough, the voters seem to agree and vote more taxes on themselves, thus creating more poverty.. Like the Eco 101 Class told us in College… No Country has has EVER taxed itself into Prosparity.

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