Report: California state debt twice that of New York’s, more than Greece

[Bad_Daddy 2,209]

http://dailycaller.com/2012/09/04/report-california-state-debt-twice-that-of-new-york%E2%80%99s-more-than-greece/

Published: 12:05 PM 09/04/2012

By Michael Bastasch

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A report by the State Budget Solutions Project of the Sunshine Review, a state and local government watchdog group, shows that total state debt in California is more than $617 billion — more than any other state in the union.

California’s state debt is more than twice that of New York’s — at about $300 billion — and has increased from SBP’s 2011 debt report. California had $612 billion in debt last year.

The state of California also has more debt than the financially troubled nation Greece, which has more than $423 billion in public debt, according to the Economist.

SBP’s calculation includes the “state’s regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, unfunded other post employment benefit liabilities, and the state’s unfunded pension liabilities.”

Bloomberg reports that California is still Standard & Poor’s lowest-rated U.S. state due to recurring budget gaps, earning it an “A” credit rating.

New York has the second highest debt of all 50 states, followed by Texas, which has nearly $287 billion in state debt.

State debt in the U.S. totalled $4.17 trillion, with more than half that debt coming from market-valued unfunded pension liabilities — $2.8 trillion.

“These market-valued pension liabilities provide a realistic view of the money owed to public pension systems as a result of years of skipped payments, borrowed funds, and inaccurate discount rate assumptions,” according to the study.

“In comparison to market-valued liabilities, traditionally calculated unfunded pension liabilities hide the true enormity of state debt obligations.”

In fact, traditionally calculated figures only put unfunded pension liabilities at $760 billion.

Even though state debt levels remain high, it’s actually lower than last year’s $4.24 trillion figure. State debt decreased due to reductions in “unemployment trust fund loans and fiscal year budget gap totals.”

“Fiscal year budget gaps alone fell by more than half. The lack of a subsequent, sizable drop in total state debt, however, shows that the cause of state debt is a systemic one requiring far more than annual budget balancing to eliminate,” according to the report.

Can a mod please edit that link out of the topic title. Thank you.

Edited September 19, 2012 by Bad_Daddy

[Dakine10 5,452]

Report: California state debt twice that of New York’s, more than Greece

Report 2: California state population twice that of New York’s, 3X more than Greece.

[Bad_Daddy 2,209]

Report 2: California state population twice that of New York’s, 3X more than Greece.

Is that the current standard these days for fiscal responsibility? More people means a bigger debt? If that's the case then it must suck big time to be a Californian. The say that every man, woman and child in California is $16,500 in debt atm when they break down the debt to per capita and it's also way above the national average.

Edited September 19, 2012 by Bad_Daddy

[Mr. Big Dog 10,747]

One of the states that is almost as bad as Greece is actually Alaska where the state debt totals 28 billion dollars. That's a 70% debt to economic output ratio and it means that per capita state debt in Alaska stands at $38.7K - Greece stands at $38.2K.

California, on the other hand, had a per capita debt of $16.4K (less than half that of Alaska) and the debt to GSP ratio for California is 32% - again, less than half of that of Alaska.

[/fact]

Edited September 19, 2012 by Mr. Big Dog

[Bad_Daddy 2,209]

One of the states that is almost as bad as Greece is actually Alaska where the state debt totals 28 billion dollars. That's a 70% debt to economic output ratio and it means that per capita state debt in Alaska stands at $38.7K - Greece stands at $38.2K.

California, on the other hand, had a per capita debt of $16.4K (less than half that of Alaska) and the debt to GSP ratio for California is 32% - again, less than half of that of Alaska.

[/fact]

Alaska has between $40 - $50 billion dollars in oil tax money, no state tax and they give us money every year. Now try again.

[^_^ 5,021]

This would problem would get solved tomorrow if we split California up into a dozen smaller states. Then each state would have tiny debt and the RWN media would be happy.

[Bad_Daddy 2,209]

This would problem would get solved tomorrow if we split California up into a dozen smaller states. Then each state would have tiny debt and the RWN media would be happy.

If your going to go big then do it right the first time. Just kick California out of the US and build a giant wall around it.

[I AM NOT THAT GUY 5,715]

If your going to go big then do it right the first time. Just kick California out of the US and build a giant wall around it.

California would more than willingly to do so, if asked politely. Of course, anything in the state at the time would belong to California. It would only be fair, since Californian's have already paid for it all, and then some.

[MyLittlePony 340]

Kick all the illegals then reduce the illegals mooching governmental funds might help. Too many illegals on WIC and food stamps abusing the system.

[Bad_Daddy 2,209]

California would more than willingly to do so, if asked politely. Of course, anything in the state at the time would belong to California. It would only be fair, since Californian's have already paid for it all, and then some.

Agreed, California should be able to keep everything in that state. No idea where California will get it's water and electricity but that's Cali's problem. This way though California can be one big liberal utopia.

[Usui Takumi 1,562]

California would more than willingly to do so, if asked politely. Of course, anything in the state at the time would belong to California. It would only be fair, since Californian's have already paid for it all, and then some.

I think it would be great too. No more pesky federal taxes. Just up everyone's CA tax rate by 2-3 percent and we would be golden.

[Bad_Daddy 2,209]

I think it would be great too. No more pesky federal taxes. Just up everyone's CA tax rate by 2-3 percent and we would be golden.

Water and electricity. That's one to think about.

[I AM NOT THAT GUY 5,715]

No idea where California will get it's water and electricity but that's Cali's problem.

Where do you think California gets its water now? As far as electricity, we can import it, or produce our own. California is sitting on huge reserves of oil and natural gas. One of my friends is working on a project measuring the capacity for injecting even more natural gas into the Garlock fault system in Southern California. How many folks know California has been hoarding all that Alaskan natural gas for decades by injecting LNG into old well heads?

[Bad_Daddy 2,209]

Where do you think California gets its water now? As far as electricity, we can import it, or produce our own. California is sitting on huge reserves of oil and natural gas. One of my friends is working on a project measuring the capacity for injecting even more natural gas into the Garlock fault system in Southern California. How many folks know California has been hoarding all that Alaskan natural gas for decades by injecting LNG into old well heads?

Meanwhile back in the real world... California's ultra liberal utopion government doesn't allow for fracking, and they put a giant kibosh and on any new drilling activity. The rivers in California run from East to West...like the Colorado River. The Feds are the ones that are forcing Washington, Idaho and Oregon to sell electricity at a cut rate price to California...electricity that's produced from hydro electric dams on the Columbia River. Meanwhile any currency used in California would be based on it's debt ratio which all of us already know how that ones will work.

All California will have is it's millions of illegals, it's gay parades, and it's forced gay history classes.

[^_^ 5,021]

All California will have is it's millions of illegals, it's gay parades, and it's forced gay history classes.

And the hi tech and biotech industries.