Out of Control Policy Blog

California's Debt is 5 Times Worse Than You Think

David Crane does a very nice dissection of California's failure to manage its pension obligations, and how that has built into a $200-300 billion debt. And still growing.

one of the sad ironies of today's state budget debate is that some of the same
politicians who are outraged at the plan to cut expenditures in
order to close today's deficit voted in 1999 for that bill that
retroactively and prospectively boosted pension promises, the effect
of which was to issue billions of dollars of new obligations that
can only be paid by -- you guessed it -- taking money from the very
programs they're outraged now about cutting.

Adrian Moore is Vice President, Policy


« Some Thoughts on Federal Reserve… | Main | A Breakdown of the House… »

Comments to "California's Debt is 5 Times Worse Than You Think":

Allen | July 16, 2009, 2:51pm | #

Does this really say " California's failure to manage it penis"?

Rich | July 16, 2009, 4:15pm | #

Y'know - penis ions. Penises with extra electrons.

Evelyn Guzman | July 17, 2009, 8:33am | #

I know people don't seem to want to do a good job as in the case of managing the pension obligations. They should try to find out who was in charge of this and make that person or committee answerable to the public. If nothing else comes out of it, it is that others will be more responsible and accountable to doing a good job.

Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)

Chris | July 17, 2009, 4:15pm | #

This is an unbelievable story I have read recently and wonder what is going on over there, maybe they need a payday loan or something over there! Crazy stuff...

Michelle Boudreau | September 10, 2009, 2:50am | #

Higher dependencies on loans and debt increases the risk of defaulters , hence market is effected negatively with it .

Michelle Boudreau | September 11, 2009, 11:52pm | #

California debt is huge and its still rising , this is the sign of huge risk and failure if measures are not implemented soon .

Debt Rescue Relief | September 11, 2009, 11:53pm | #

Such a huge debt , its sign of huge loss with time , if effort is not done it may get worst .

debt consolidation | October 23, 2009, 2:28am | #

Increases the risk of loans and loan defaulters, high dependency, so the market is with its negative impact.
========================
debt consolidation



Out of Control Policy Archives