I’ve spent over 20 years in the private sector, working as a financial analysis and budget expert. That’s why I’ve fought so hard for California’s Legislature to understand the gravity of our budget situation.
With bond indebtedness, unfunded obligations and other debt, our State is facing over $400 billion in current debt. The Reason Foundation wrote in June of 2013:
The California Department of Finance notes that the budget does not set aside “significant money” to address the $38.5 billion unfunded liability for state employee pensions (CalPERS), nor the $63.8 billion in unfunded liabilities for retired state employee health care. To make matters worse, “that liability increases by billions of dollars each year” and beginning in 2015, hundreds of millions of dollars in additional spending will be needed to cover pension obligations. Then there is the additional $71 billion in unfunded liabilities for the California State Teachers Retirement System (CSTRS), which according to the Legislative Analyst’s Office (LAO) requires $4.5 billion in additional annual spending in order to maintain solvency.
That debt amounts to nearly $10,000 per Californian! I will continue the fight to lower California’s debt and put our State Government on a path to a lean and efficient State Government, without higher taxes and without more borrowing.