Neighbor News
California’s State and Local Liabilities Total $1.5 Trillion
The state's spare cash & rainy day funds pale before the mountain of long-term liabilities Cali governments at all levels have accumulated.
We’ve all heard the statements about ‘surplus revenue’ from Local and State government agencies. On May 11, 2018 the Sacramento Bee published an article titled: “Surplus swells as Gov. Jerry Brown's last budget grows to $199 billion” as if the more money the State spends, the bigger the revenue surplus has any basis in reality: https://www.sacbee.com/news/po...
An article written by Edward Ring & Marc Joffe and printed in the California Policy Center compares the State of California government’s reports of ‘surpluses’ to the State’s debt.
“The state’s spare cash and rainy day funds pale before the mountain of long-term liabilities California governments at all levels have accumulated.”
Find out what's happening in Banning-Beaumontfor free with the latest updates from Patch.
All California Government Agencies receive 25% to 30% more money than they need to perform their services. Government Agencies are squandering taxpayer money, running up bills and not paying pensions, and acquiring bond debt, which are loans that have to be paid back with interest.
On a local level; the City of Beaumont proclaims to have “$6 Million in Reserve”, but the Pension Debt alone is $14 Million. Banning’s Pension Debt is over $60 Million. Riverside County’s Pension Debt is pushing $3 Billion.
Find out what's happening in Banning-Beaumontfor free with the latest updates from Patch.
Beaumont Staff and Council have now acquired $1/2 Billion in Bond Debt, but claims the bond debt does not belong to the City - it belongs to the CFD Property Owners, but the property owners never requested or voted for the debt.
It’s the equivalent of a housewife getting more than enough money to pay the bills, but she wastes the money and doesn’t pay the bills. Then she gets credit cards and bank loans and tells her husband ‘we have money in the bank’ without telling him that there’s 10 times more debt than their is money in the bank.
History has already proven that it’s an unsustainable economy. The reason most laws regulating bonds and securities is because bond fraud was a primary factor on the 1929 Stock Market Crash and resulting Great Depression.
