You haven't heard a lot lately about the state of California's finances. They're still not good. A report from the state treasurer says the Golden State's debt burden — the amount of the general fund going to service debt — is up to 7.8 percent, more than double what it was eight years ago.According to the report, each Californian owes $2,542 this year for state debt, more than twice the national median of $1,066.
It could be worse.
Gov. Jerry Brown, in what may be a flair of libertarian independence, vetoed several bills this week which he said "protect the state budget and strengthen fiscal stability in California."
The most amazing thing is someone actually introduced these bills in the first place.
Take the bill sponsored by Democratic Assemblyman Roger Hernandez. It would have allowed state welfare recipients to own "one car, or possibly more, of any value." That means someone living on the taxpayers' dole could own a Lamborghini. Gov. Brown sided with current law which limits the maximum value of a car to $4,650. "Until we better understand the fiscal outlook, we should not be making changes of this kind," he wrote. Excuse me, until we better understand the fiscal outlook? How about, "This is an insane idea."
But wait, there's more!