Wealth distribution always ends up the same way, a tangled mess of unsustainable debt fueled by government and bureaucratic waste.
The report says that the state’s negative status increased that year, largely because it spent $1.7 billion more than it received in revenues and wound up with an accumulated deficit of just under $23 billion in fiscal year 2011-2012, the Sacramento Bee stated.
Gov. Jerry Brown has referred to the deficit and other budget gaps, mostly money owed to schools, as a “wall of debt” totaling more than $30 billion, the Sacramento Bee reported.
California in the red by $127.2 billion, state auditors say
The proposed solution will, of course, be predictable. Raise more taxes!
It's gonna get a lot worse when Congress starts pulling federal funding.
Is that mean we can also stop paying federal taxes?
NOPE