California Has $400 Billion In Future Debt Obligations, Wanted More Hillary Debt!

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January 21, 2016: California has over $400 billion in debt and this looms as possible bankruptcy.  California voted overwhelmingly, thanks in particular to illegal aliens being allowed to vote, for Hillary Clinton because she promised to keep the gravy trains rolling and letting in foreigners so they can exploit welfare and jobs to displace citizens or drive citizens deep into debt.  This election was all about illegal aliens and foreign terrorists both of whom the DNC seem bent on increasing.  Evidently, California wants more of this.  Bless their little hearts.

 

My family came to California back in 1848.  Lived there all the way up to very recently.  Eventually, most of us left.  I lived there long ago, too.  I know the place very well.  The debt clock above shows the high debt/spending issue but the ‘debt per citizen’ is false.  It is much, much, much higher. How high?

 

How high? California wants to secede from US due to Trump winning election decisively. And do climate change policies at the rest of our expense, too.

 

Some private citizen groups in California, distraught at the prospect of an America under President Donald Trump, are advocating that the state secede from the union.

 

Don’t forget to shut the door behind you all.

 

Constitutional scholars (and most Californians) assure us the separation is not going to happen. But is there any instance in which California could go its own way? What if Trump withdraws the nation from the United Nations Climate Change Accord and rejects the validity of the global warming threat altogether?

 

Could and should that set the stage for environmentally precocious California to break ranks with the president and join the Climate Change Treaty as a separate entity? It is not all that outlandish, considering California would not be declaring itself a sovereign state. It would simply be using its existing progressive greenhouse gas emission reduction policies to directly participate in a worldwide crusade to slow the rate of human-induced global warming. That shouldn’t exclude it from being a member of the United States in good standing.

 

Ah, California!  My family helped found Pasadena, CA way back after the Civil War.  My godmother’s house was built back then, too.  Most of these homes are now replaced by huge towers.  It was very rural back then, mostly ranches. My grandfather built his observatory in the back yard over 100 years ago and could see the stars.

 

By the time I was born, you couldn’t see much of anything so he moved his observatory to Arizona.  I remember my first visit to him: I jumped out of the car, ran a few feet and then fell down, gasping for air.  It was filthy.  Today, it is ‘cleaner’ but just barely, LA basin is still a noxious mix of exhalations of whatever since the city was built between ocean and mountains so that anything exhaled is stuck there to fester.  It is a terrible place for a city.

 

So one of the bigger city complexes in America was built there.  NYC is swept by ocean winds or the Arctic winds from the north and is mostly clean, only the streets and the air the first ten feet above ground is very polluted still.  Too many things running, exhaling, sucking up oxygen.  I can sense it, it strangles me.

 

Oblivious to all this, people in NYC and LA think they are hip, ecological (hahaha) and smarter than the rest of us.  They cannot see how their congregating in these two major cities is a problem for the entire planet.  THEY are the unecological, dangerous, earth-destroying monsters they scream about.  I live on my natural mountain, care for a fair sized forest and fields and many wildlife from bears, deer, bobcats, fires, turkeys, vultures, owls, squirrels (and cats who eat the squirrels), etc.

 

This is the opposite of NYC and LA.  Yet both lecture me about how to run my mountain and care for my animals and plants. They think they are smarter than me and know more than me and think they can dictate to me how I live.

 

Well, I want them all removed from LA and NYC because they are destroying nature in both places.

 

Eric Worrall, a regular contributor to Watts Up With That? | The world’s most viewed site on global warming and climate change reveals to stupidity in California’s Greens tearing California from the rest of the nation:

 

California’s ambitions to be a leading example of renewable energy success are a fantasy.

 

Last year (2015) California imported 99,210 GWh (33%) of their electricity from out of state, mostly from the South West, up from 25% in 2010. If California seceded they would have to negotiate some fossil fuel electricity import deals real quick, or the lights would go out.

 

A lot of this comes from Arizona.  When I was growing up in Arizona, I and others living there would joke about LA and California and how dependent they are on Arizona for many things.  There was considerable hostility towards California due to them being so vain and self-centered.

 

California Debt Clock Ticking Time Bomb. This is news story is from last year.  Californians refuse to understand the issue of debts.  New York is equally stupid about this issue, too.  As is the entire DNC in Congress.  Note that NY and CA both supported Clinton because she promised both more debt money.

 

“Yes, the state’s budget is balanced if you are looking at what they are required to spend cash on this year, but not when you look at their expenses,” said Gabe Petek, a credit analyst with Standard & Poor’s.

 

Prospect of taxes sours budget support, poll finds Lawmakers stand and greet Gov. Jerry Brown as he walks across the floor of the State Assembly to deliver the annual State of the State address at the State Capitol in Sacramento, Calif. on Thursday, Jan. 21, 2016. Jerry Brown says state must pay debt, new taxes on horizon Governor Jerry Brown arrives to delivers his State of the State speech.

 

The high debt and unfunded liabilities have resulted in the state’s rating lagging behind other states, Petek says. California saw its bond rating rise last year from A+ to AA-, the highest level the state has had in 14 years. Good bond ratings are a sign of a strong budget and financial management and allow states to pay lower interest rates when selling bonds.

 

And the reason is clear, he said. It’s California’s debt and liabilities that are concerning financial analysts, particularly the state’s rapidly growing unfunded retiree health care costs, which grew more than 80 percent over the past decade. California has promised $74 billion more in health and dental benefits to current and retired state workers than the state has put aside.

 

Now in this story comes the statement that sums up the state of California:

 

“These liabilities are so massive that it is tempting to ignore them,” Gov. Jerry Brown said last month in his State of the State speech. “We can’t possibly pay them off in a year or two or even 10.

 

So…IGNORE IT!  HAHAHA.  Yes, that is Governor Moonbeam at his best!

Bond debt also has risen substantially in California, with the state’s reliance on borrowing for infrastructure resulting in 1 of every 2 dollars spent on those projects going to pay interest, according to the Department of Finance.

 

But then, we are to ignore Obama’s massive debt which Congress enabled and which Hillary wanted to double.  And NY and California were the two states that wanted more of this and more of Hillary, too.

 

Los Angeles owes more than it owns:

 

At -$7,400, Los Angeles’s “Taxpayer’s Burden” ranks 12th out of the 20 most populated cities.

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Los Angeles is among 19 “Sinkhole Cities” without enough assets to cover its debt
Elected officials have created a Taxpayer Burden, which is each taxpayer’s share of city bills after its assets available have been tapped.

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TIA’s Taxpayer Burden measurement incorporates both assets and liabilities, not just pension debt.

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Los Angeles has only $10.1 billion of assets available to pay bills totaling $18.6 billion.

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To fill the $8.6 billion financial hole each Los Angeles taxpayer would have to send $7,400 to the city.

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Because of a new accounting rule, Los Angeles now has to report its pension debt on its balance sheet. As a result, the city’s reported pension debt grew from $141.9 million in 2014 to $6.2 billion in 2015. However, the city is still hiding $2 billion of pension debt from taxpayers.

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The city’s financial report was released 220 days after its fiscal year end, which is considered untimely according to the 180 day goal.

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17 Comments

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17 responses to “California Has $400 Billion In Future Debt Obligations, Wanted More Hillary Debt!

  1. Lou

    You noted that ‘Millions of wetbacks in California voted for HC’ and there are criminals who voted repeatedly. Not surprising.
    KILLING THE GOOSE THAT LAYS THE GOLDEN EGGS.
    In one peaceful town, a LEO made almost half a million dollars in a year.
    Lifeguards are making 200,000 dollars a year. ‘Sit down money.’

  2. Not the only debt that will never ever be repaid,most of the western world debt is the same.Some claim it’s the only way we can run an economy is debt based and a steady state economy would not work.
    My biggest question….how does a cat catch a squirrel???
    Crystal my 12 year old cat is a tremendous hunter when it comes to rats but has spent years chasing squirrels to no avail.I always figured squirrels are smarter plus they can run up a tree pretty fast.

  3. emsnews

    Farm cats catch squirrels all the time. They leave the tails behind and sometimes the heads.

  4. Moe

    Read my lips: the debt will not be repaid. Default is the sole remedy.

    Secession is neither viable nor realistically attainable. California is the epitome of the corrupted ‘American Dream’, founded on materialism, hedonism and a free lunch.

    Gonna be a long trip to the bottom.

  5. Pepe

    Carlos Slim had dinner with Trump at Mar-a-Lago last night.
    Ay Caramba!

    http://fortune.com/2016/12/20/carlos-slim-very-positive-impression-dinner-donald-trump/

  6. Lou

    Carlos Slim had dinner with Trump at Mar-a-Lago last night.–Yikes.

  7. Petruchio

    Too many politicians think it is perfectly OK to load the taxpayer up with as much debt as possible AND then bail out of the system before the proverbial sh#t hits the fan. That’s the tricky part, but all the sleazy politicians are ready to take the risk. I think the absolutely worst thing politicians do with debt is to commit the taxpayer to a heavy debt load, but the debt doesn’t come due until AFTER the pols leave Office. State Governors do this all the time. They will work it so that actually paying for a Spending Bill isn’t due until after the Guv is out of Office and it is the next guy’s problem.

  8. emsnews

    Ask the Russians what happens when someone takes over after the bankruptcy and goes hunting for the people who ripped off the State.

  9. Melponeme_k

    @Elaine

    I don’t know, Putin let Khodokovsky out of jail and he recently received some of his frozen funds. What did Khordo do next? Jumped on the Putin HAX US bandwagon!!!!!

    Truly the only thing the elites understand is the guillotine.

  10. ziff

    lol ,, Ca. is not bad look at canadas debt per person https://www.youtube.com/watch?v=Ry7WgPZ_wok

  11. emsnews

    All the NATO nations are increasingly in trouble financially. Except until this year, Germany. Thanks to the ‘refugees’ who are Islamic terrorists, Germany is now going under, too.

  12. Mr Bill

    This 2016 election cycle certainly brought a lot of strange critters out from under the rocks. As the light of day shined on some of them, it seems that certain critters were nothing like they appeared. The MSM argued vehemently that the average American should watch out for the redneck domestic terrorist critters under the rocks. Wooo, they are baaad!

    But, during both the 2016 primaries and general election cycles, the dim light seemed to show some other ugly critters under there. But, after the election and onwards, the rocks have been lifted and the light shows that the real identity of the critters are actually left wingers, some baaad domestic terrorists calling for a Color Revolution in America similar to earlier ones funded by Soros and some absolutely addled and irrational left wing sheeple.

    Regarding that last sentence, I offer a personal anecdote. I have two LGBTQ friends who I have known for years. I knew their lifestyle, and considered them “squirrelly” on some things but I thought well of them (still do). And then the light shined of the rock! My friends suddenly became irrational! They are absolutely fearful they will be isolated and chastised by their redneck neighbors and eventually be harassed by the authorities in the area, .They really believe it! They both quit their jobs here on the Gulf Coast, got new jobs and plan to relocate to San Jose CA on 12/29/16. They both hope work for secession of California from the USA, but no idea what might follow.

    All I can say is WOW. This strikes me as potential mass hysteria among
    some irrational and misguided people.

    Mr Bill.

  13. Mr Bill

    Elaine,

    Back around 2010 , I think you commented on the pending debt crisis. I don’t recall exactly, but I do recall you spoke of hockey stick curve and its similarity to exponential growth, etc.At that time, I replied with my comment that (a) my research showed that from 1970 to 2010, the debt showed an approximate exponential growth and (b) the exponential growth can best be clear in their logarithm form That is,
    Ln( Yn/Yo ) = A * ( Xn -Xo ) , n =0, 1,2,3…
    A is the slope, which translates to the compounding growth rate At that time, based on least squares analysis from 1970 to 2010, Ifound A =9.3, so, for general discussion, I chose 9 +/- 1 for a range of discussion.

    So, here we are in 2016. I used my Logarithm approach above with A = 8.6 percent. My final comment is : start at 1970 with a Total Fed Debt of $0.371T and use exponential compounding at 0.086 compound rate . The answer, over a 46 year estimate, is $19.4T. (Fiscal year ends Sept 31).

    In the most simplistic, and most conservative, case President Trump will inherit
    a $20T (current debt) plus $2T (expected deficit). So, let’s expect a $22T target for Trump to whack at without killing the flock.

    Mr Bill

  14. emsnews

    Thanks for the analysis. Obviously, ‘to the moon’ isn’t a good financial plan, is it? HAHAHA. Sigh, sad, isn’t it? The DNC ran up more and more debt and thought this was wonderful, even heroic.

    Thus, the love for Obama. He was generous. Just like ‘he is a peace maker’ is totally insane, too. But then, nearly the entire GOP leadership hates Trump and want to stop him, too. He has a huge difficulty ahead, evading destruction by both the GOP and DNC leaders.

  15. Lou

    I think ‘evading destruction’ should be ‘evading being destructed’, no?

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