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Assemblymember Marie Waldron
Assemblymember Marie Waldron

California’s debt crisis


Thursday, January 9th, 2014
Issue 02, Volume 18.


Debt at the national, state and local levels has mushroomed in recent decades. Three California cities have sought bankruptcy protection and there are constant rumors that more may soon follow.

Among the problems impacting California cities are the huge debt obligations owed to CalPERS, the state’s public employees’ retirement system. For example, Stockton, one of the bankrupt cities, is paying CalPERS roughly $29 million a year, in addition to payments being made to other creditors.

Despite passage of a so-called "balanced" budget last June, a report by the California Taxpayers Association placed state and local debt at an astounding $443 billion, which amounts to $11,600 for every man, woman and child in the state.

Mac Taylor, the legislature’s Advertisement
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budget analyst, recently reported that California’s structural budget deficit has disappeared. While this is good news, the report is based on a shaky economic recovery and temporary taxes. It also ignores California’s huge future debt obligations.

As we enter 2014, we should remember that all state programs are based on tax revenues generated by private-sector economic activity. Future state and local spending must be reined in so that the debt burden we have accumulated over the last decades can be addressed along with massive unfunded mandates and liabilities that threaten future prosperity. Only then can we truly begin to celebrate California’s return from the brink of fiscal insolvency.

By Calif. State Assemblymember Marie Waldron (R-75th District)


 

5 comments

Comment Profile ImageVDH
Comment #1 | Thursday, Jan 9, 2014 at 3:47 pm
Until this state deals with its cumbersome regulations, record taxes, hostility to resource development — and supports closing the border and promotes ethnically blind assimilation rather than serial amnesties and ethnic chauvinism — we will continue to have the nation’s worst schools, worst infrastructure, worst business climate, and highest exoduses, as California plods on, coasting on the fumes of what nature and our ancestors so generously bequeathed to us.

California is a broken, tired idea.
Comment Profile ImageDR DR
Comment #2 | Friday, Jan 10, 2014 at 9:35 am
Pensions for the Retired State employees....and will continue to because the LA and Orange County are currently heavily Union - thus, pensions for all the employed still joining the unions everyday... as the salaries continue to go up.. as will our taxes to pay for them.

Pro-non-union-thankfully San Diego County dilegently fights in PLA agreements.
Comment Profile ImageRay (the real one)
Comment #3 | Friday, Jan 10, 2014 at 5:34 pm
I will never in my life understand California voters. I thought the late 1970`s would still be remembered, guess not. Remember when Brown and the rest of the rock n roll set were running things, Brown created most of the nonsense that plaguing California today.

California voters are the KING of the misinformed.
Comment Profile ImageFR86
Comment #4 | Monday, Jan 13, 2014 at 2:07 pm
I hope that Assemblywomen Waldron reads the responses posted here.

One area that she should also consider discussing is what the California Legislature is doing to curb the overwhelming regulatory mentality that is driving large employers and corporations out of the state to other more business friendly states like Texas and Nevada

All we ever seem to hear from Sacramento is about new laws/regs that choke our economy and increase the burden on the taxpayers that are finding it increasingly difficult to live in this state.

Please speak to this issue in the next communication we see.
Comment Profile ImageVDH
Comment #5 | Monday, Jan 13, 2014 at 2:17 pm
The problem is that California has exorbitant built-in costs unlike any other state and, in politically correct fashion, usually tries to keep mum about them. We are home to about a quarter of the nation’s illegal immigrants, most from poorer areas of Latin America, California has public schools that enroll millions whose first language is not English. Someday, the infusion of young, motivated new Californians may prove a fiscal plus, but for the foreseeable future, illegal immigration translates into years of soaring healthcare, housing, transportation, education and law-enforcement costs — and billions of much-needed dollars lost from the state economy each year in remittances to Latin America.

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Fallbrook Village News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.

 

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