State Of California’s Net Worth Is Negative $127 Billion


California 2

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The state of California had its finances audited and it was found that the state’s net worth is a negative $127.2 billion. Wow!

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Were California’s state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State AuditorElaine Howle and the Bureau of State Audits.

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The report, which covers the fiscal year ending June 30, 2012, says that the state’s negative status — all of its assets minus all of its liabilities — increased that year, largely because it spent more than it received in revenue. (Read More)

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But they think the new sales tax increase will take care of it all. Yeah, right.

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I hate to think of what the net worth of the United States would be with the $16.6 trillion national debt plus all of the other unfunded liabilities.

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