New York Times Article on Alleged California Surpluses Ignores Crushing California Debt
Their story is titled California Faces a New Quandary, Too Much Money.
Too much money!
After years of grueling battles over state budget deficits and spending cuts, California has a new challenge on its hands: too much money. An unexpected surplus is fueling an argument over how the state should respond to its turn of good fortune.
The amount is a matter of debate, but by any measure significant: between $1.2 billion, projected by Gov. Jerry Brown, and $4.4 billion, the estimate of the Legislature’s independent financial analyst. The surplus comes barely three years after the state was facing a deficit of close to $60 billion.
It’s “by any measure” significant? How about by the measure of what we owe?
Apparently the debate is over how best to squander the alleged tiny surpluses: spend spend spend, or tax cuts. Not mentioned anywhere in the story: California’s crushing debt burden. For that, you have to go to this link from CBS.
The combined debt of California’s state and local governments is at least $848 billion and could escalate past $1.1 trillion, according to a new report.
The California Public Policy Center – focused on the analysis of California’s financial information on the state and local government levels — based its findings on official reports from the offices of the state controller and treasurer.
Gov. Jerry Brown’s $27.8 billion “wall of debt” was only part of the state’s official debt that the report put at $132.6 billion.
All of a sudden a $1.2 billion alleged surplus does not look “significant” by the “measure” of placing it next to a trillion dollars of debt and unfunded liabilities.
Too bad the New York Times doesn’t offer this perspective, at all, anywhere.