More and more bills are approaching signature by Newsom which will result in bond propositions on the ballot next year. What the legislature and the governor are ignoring is the BLLLIONS of dollars we already owe in long-term debt; $121 BILLION in bonds that have already passed which continue to garner interest & principal that we owe now and in the future.
$18 BILLION we owe the federal government for money we borrowed for unemployment benefits we paid during the pandemic which could and should be paid back with part of the $90 BILLION supposed surplus last year, $82 BILLION in unfunded liabilities for state employee health care and over $100 BILLION in unfunded liabilities for state worker pension obligations (CAL-Pers).
Meanwhile, they have blithely passed a $302 BILLION state budget for 2023/24 which is at least $30 BILLION more than is expected in tax revenue for the same period.
When will this madness ever stop??
By Dan Walters in Tuesday Inland Valley Daily Bulletin opinion section