California Going Bankrupt? The numbers don’t look good
It seems clear as the economic recession moves forward that an increasing number of our leaders in politics and their analysts are bringing forth conc...
It seems clear as the economic recession moves forward that an increasing number of our leaders in politics and their analysts are bringing forth concern that soon California will be in bankruptcy. The budget deficit by some calculations is over $50 billion US dollars. Their entire budgetary plan is only $125 billion US dollars per year. The credit rating for California is the lowest in the Union and as of now they are borrowing money to make ends meet. The money they continue to borrow is going to get more and more expensive as their credit rating continues to plummet. California is a true example of the ineffective policies of our American leadership.
When looking at the facts one can’t deny that there are major problems in California. The state’s pension fund is in crises as Calper’s currently has over $18 billion US dollars more in liabilities as the asset column continues to fall.
