Task Force—California Debt, Instead of Being 28 Billion, is 167 to 335 Billion

Posted by Kendall Harmon

Gov. Jerry Brown of California announced when he came into office last year that he had found an alarming $28 billion “wall of debt” looming over the state, which had to be dismantled.

Since then, he has slowed the issuance of municipal bonds, called for spending cuts and tried to persuade the state’s famously antitax voters to approve a tax increase this fall.

On Thursday, an independent group of fiscal experts said Mr. Brown’s efforts were all well and good, but in fact, the “wall of debt” was several times as big as the governor thought.

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Filed under: * Economics, PoliticsEconomyConsumer/consumer spendingCorporations/Corporate LifeTaxesThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Politics in GeneralState Government

Posted September 21, 2012 at 10:11 am [Printer Friendly] [Print w/ comments]

1. Ad Orientem wrote:

Same problem with the Federal debt. It’s not $15 trillion (insane as that number is). Its closer to $100 trillion when you add up all the forward projected obligations for which we have no clue how we are going to pay. We are doomed.

September 21, 11:07 pm | [comment link]
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