By: Thomas Del Beccaro, Forbes
The world knows of California’s unemployment, spending, and budget problems. With over $1 trillion in public debt, the Golden State’s fiscal situation is surely challenging. Amazingly, a giant gift was laid at California’s doorstep in the form of abundant oil fields accessible by fracking. Rather than promote the budget-soothing jobs and the tax revenue that comes with it, California Democrats have lined up to stop it.
California is the land of misplaced priorities, highest-in-the-nation taxes and even higher regulations. Recently, the California Public Policy Center, relying primarily on official reports prepared by the State Controller and State Treasurer, determined that “the outstanding debt owed by California’s state and local governments, using responsible actuarial assumptions, is almost certainly in excess of $1.0 trillion.” Continue reading