If that wasn’t bad enough, look at the costs: “California spends $34,000 to incarcerate a criminal alien for one year; in Texas, it’s only $12,000.”
Currently Illinois is tied with California for the lowest ratings of any state from Moody’s and Fitch rating services.
Hamtramck, MI is wanting to file for bankruptcy. Others are possible.
A very diverse group of people such as hedge fund guru George Soros, JPMorgan’s CEO, economist Nouriel Roubini, financial expert Meredith Whitney and Bill Gates warn that local government finances are embarrassingly defective, if not criminal or highly unethical, and that there are likely to be many local bankruptcies and many municipal bond defaults.
“Financial expert, Meridith Whitney, has ranked California as being in the worst financial condition.“
California has an $86.6 billion budget, and already has a $25.4 billion shortfall. Are you kidding me?
What geniuses ran this huge government monstrosity into the ground?
And guess what the state debt is. It’s $290,855,041,516 – or – $290+ billion for those of you who don’t like counting numbers and commas.
This horrendous revelation from the California Controller shows how government agencies let union workers unethically rip off taxpayer money.
“… some 300 state employees who left or retired from their state jobs in 2010 and collected six-figure payments for unused vacation and other paid time off accumulated during their careers, …”.
This one scheme has cost taxpayers $293 million in one year!
“California’s illegal immigrant population is costing the state’s taxpayers more than $10.5 billion per year for education, medical care and incarceration”
- Free Education for Illegals: costs of K-12 schooling approximately $7.7 billion annually.
- Free Health care: about $1.4 billion a year.
- The cost of incarcerating illegal aliens: about $1.4 billion a year.
This is a report from 2004. Imagine how high the cost is now!
Just like almost every local and state govt, San Francisco is crushing itself from giving enormous benefits to their govt union employees.
It’s now about $1.1 billion short in pensions promised to govt workers, and about $4 billion short it owes union workers in health care benefits.
Within 5 years annual city spending on health care benefits and pension costs will exceed their entire budget for the running of “the Police Department, Fire Department, Sheriff’s Department, district attorney’s office, and adult and juvenile probation departments combined”.
What will they do to handle this?
Even if city cuts 20% of budget, it won’t solve the current deficit of over$ 380 million.