Now even the mainstream media has had it with Guv Brown. The LA Times is reporting most of the facts over the Big Lie: Our Budget is Balanced press release sent by Guv Brown.
“But numerous reports by state agencies, think tanks and academics have shown the wall of debt to be many stories higher than $28 billion — hundreds of billions of dollars over the next few decades. Brown’s repayment plan does not significantly reduce the sizable debt to Wall Street or account for promises the state has made to its current and future retirees but is not setting enough money aside to cover.
“If we just ignore these longer-term pressures, we’re going to be back in the soup soon,” said Mike Genest, who was budget director for Gov. Arnold Schwarzenegger.”
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Gov. Jerry Brown’s new budget presented a plan to pay back nearly $28 billion owed, but various sources estimate the state’s debt at hundreds of billions.
By Evan Halper and Chris Megerian, Los Angeles Times, 1/14/13
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The cost of closing the gaps in California’s major public pension funds would be considerable. The State Budget Crisis Task Force, a bipartisan think tank based in New York, reported in September that every Californian would have to contribute $3,635 to cover the shortfalls. Paying for retiree healthcare might add a couple of thousand dollars to that tab.
The state’s borrowing from Wall Street in recent years also comes at a cost. According to the state treasurer’s office, it will cost $2,559 per Californian to pay that back. Texas, by contrast, has taken on just $588 of debt per resident.