A lot of ink is being spilled talking about the US debt – which has surpassed $20 Trillion. But the debt problem isn’t just national.
California’s debt has climbed to over $425 Billion – and if you include local unfunded pension & debt liability, we face a $1.3 Trillion debt – over half of the entire GDP of the state. According to USdebtClock.org, California is accumulating $100 Billion more debt every year.
That is more debt than many countries. California’s debt is twice as much as Switzerland, who’s national debt stands at $670 Billion; and about the same as Mexico ($1.4 Trillion) and Australia ($1.3 Trillion). And that does… Read More