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The day of reckoning looms: An audit of California’s fiscal state has found it to be $127 billion in the red.
Were California’s state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State Auditor Elaine Howle and the Bureau of State Audits. The report, which covers the fiscal year ending June 30, 2012, says that the state’s negative status — all of its assets minus all of its liabilities — increased that year, largely because it spent more than it received in revenue. [emphasis mine]
None of this is a surprise. California voters chose Jerry Brown and the Democrats to lead them into more debt.