A study released earlier today by the California Public Policy Center entitled “Calculating California’s Total State and Local Government Debt” has estimated that state and local government debt is somewhere between $848 billion and $1.12 trillion. This is the first attempt we’ve ever seen by anyone to provide an estimate.
Small wonder. If Californians understood that their local city councils, school districts, redevelopment agencies, special districts, county supervisors, and state legislators had managed to put them on the hook for over $80,000 of debt per household, they might vote down the next new taxation or bond measure that appears on the ballot. Imagine how much debt this equates to pertaxpayinghousehold.
Quoting from the study’s summary, here are the categories of government debt confronting Californians:
When, along with the $27.8 billion “Wall of Debt,” long-term debt incurred by California’s state, county, and city governments, along with school districts, redevelopment agencies and special… Read More