California

California

California owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows California does not have enough available assets to cover its debt.

  • Taxpayer Burden  is each Illinois taxpayer’s share of state debt, after available assets are tapped

  • TIA analyzes both state assets and liabilities, not merely pension debt

  • Most state debt in the “Taxpayer Burden” is unpaid retirement promises

  • California has the 8th worst “Taxpayer Burden” of all 50 states    

  • Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years 

  • Unfunded pensions leave future taxpayers with the bill for services they did not receive

  • States hide retirement debt from public viewSee Hidden Retirement Debt: CA vs US average 2009-2013

See More California Finances at the California Financial State of the State

 

 

Other Resources

Link to CA CAFR:   California Comprehensive Annual Financial Report

Publishing Entity:  California Controller

  • California has only $89 billion to pay the state's bills totaling $324 billion
  • To fill its $236 billion financial hole, each California taxpayer would have to send $21,400 to the state
  • This $21,400 Taxpayer Burden is 45% of an average citizen's personal income of $47,401
  • California is among 41 "Sinkhole States," without enough assets to cover their debt
  • Despite an 180 day goal, California took 295 days after its fiscal year end to release last year's Comprehensive Annual Financial Report (CAFR)
  • California "Outbound Moves," 47% of total, which usually means more people are moving into the state
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