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California spending has been out of control of years, but just now do
the Child-like Socialists in government realize they are running out of play money. |
California will devote nearly 8 percent of its general fund budget to paying off debt . . . up from 3.4% - The People's Republic owes $2,542 per person (compared with the national median of $1,066)
- Democrats demand tax increases out of "fairness"
The bi-partisan Big Government Socialist spending binge in the People's Republic of California has come to an end. Like all children playing with mom and dad's credit card that credit line has run out. Now comes the time to pay the interest on that debt you rang up.
Can anyone spell G-R-E-E-C-E?
California will devote nearly 8 percent of its general fund budget to paying off debt this fiscal year, more than twice the share of eight years ago, according to a new report from Socialist Democrat Treasurer Bill Lockyer.
The state has long borrowed for massive public works projects intended to last across generations. But state leaders and voters went on a notable binge during flush economic times in the past decade reports the Sacramento Bee.
The People's Republic approved bonds for parks,
flood protection, classrooms, children's hospitals,
stem cell research and high-speed rail. They also borrowed in 2004 to bridge a budget deficit from the last recession.
The combination of higher bond payments and declining tax revenues has driven the debt burden to 7.8 percent of the general fund budget.
The rate is more than double the 3.4 percent California devoted to debt in 2003-04.
California also faces a higher debt burden compared with other states. It owes $2,542 per person, compared with the national median of $1,066.
Lockyer's report warns that if borrowing continues to rise, "That growth will come at the expense of other vital public services. Those services already are under severe strain."
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