THE PEOPLE'S REPUBLIC OF CALIFORNIA - This site is dedicated to exposing the continuing Marxist Revolution in California and the all around massive stupidity of Socialists, Luddites, Communists, Fellow Travelers and of Liberalism in all of its ugly forms.

"It was a splendid population - for all the slow, sleepy, sluggish-brained sloths stayed at home - you never find that sort of people among pioneers - you cannot build pioneers out of that sort of material. It was that population that gave to California a name for getting up astounding enterprises and rushing them through with a magnificent dash and daring and a recklessness of cost or consequences, which she bears unto this day - and when she projects a new surprise the grave world smiles as usual and says, "Well, that is California all over."

- - - - Mark Twain (Roughing It)

Sunday, March 24, 2024

California audit finds the state is broke

(The Center Square) – California just filed its 2021-2022 audited financial statement, 350 days past the filing deadline. In its filing, the state admits that COVID-era unemployment fraud cost the state $29 billion that must be paid back to the federal government, and that in 2022, the state had $256 billion more in liabilities than it had in unrestricted resources.

After accounting for restricted resources, such as purpose-specific state trust funds and bonds, the state still owed $55 billion more than it had.

California currently faces a $73 billion deficit for the 2024-2025 fiscal year, to which the Democratic legislature has responded with a proposal to cut this year’s budget by $2.1 billion and a proposal to spend $12 billion, or half the state’s rainy day fund. 

With the state reducing 2023 jobs growth from 325,000 to just 50,000, revenues are likely to be much lower than expected. 

With a significant expansion of benefits, including expanding taxpayer-funded MediCal to all illegal immigrants, and a major shift in illegal immigration from heavily-enforced Texas to California instead, state expenditures could end up being higher than expected. 


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