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.
Is California broke in 2018?
“This budget is a milestone,” Brown said. “When I took office way back in 2011, California was facing a real financial mess — a deficit of $27 billion.” California Gov. Jerry Brown signing his last state budget as governor at a ceremony in Los Angeles on June 27, 2018.
How much is CA in debt?
California’s state and local debts topped $1.5 trillion as of June 30, 2017, according to a recent analysis by the California Policy Center.
Is CA broke in 2017?
California faces a massive and still-growing debt. Even in 2017, California still had a budget debit. In 2017 a miscalculation of the costs for the state’s Medi-Cal program of $1.9 billion in 2016 led Governor Jerry Brown to project the state of California will face a $1.6 billion budget deficit.
Is California in debt or have a surplus?
That’s essentially the question California is confronting amid record surplus projections in Gov. Gavin Newsom’s first year in office. With the remaining $10 billion surplus, Newsom wants to pay off debts, which he says would help the state weather a potential economic downturn.
Is California currently in debt?
California’s State and Local Liabilities Total $1.5 Trillion. We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. But even using only the officially reported estimates, California’s state and local governments are about $1.0 trillion in debt.
Photo in the article by “Wikimedia Commons”