Greenhut on CA’s Real Financial State: A fantastic spin and denial of reality

Sunday’s The Daily Democrat published State’s wall of debt dead ahead, by Steven Greenhut, potent enough to keep you up at night, if you practice a habit of conscious critical thought.

A cursory glance at Gov. Jerry Brown’s new budget could make you believe that California’s days of fiscal gloom are over as he champions a balanced budget and newfound “fiscal restraint.”

 
But it’s all manipulated spin to divert your attention to the details. Here are a few nuggets to rattle your nerves if you dare:

The nonpartisan Legislative Analyst’s Office agrees that the budget is basically balanced, but the agency’s head, Mac Taylor, expressed concern:
“It doesn’t pay all of the wall of debt within the time period. It builds up very little of a reserve by the end of that period, and it does nothing regarding our various retirement-related obligations.”

 

Even more disturbing:

Others were blunter about California’s financial health. As the Los Angeles Times reported: “It owes Wall Street more per resident than almost every other state. And it has accumulated a crushing load of debt for retiree pensions and health care, now totaling more than taxpayers spend each year on all state programs combined.”

There’s more, and I don’t expect anyone of those who prefer to continue living in a delusional state of denial.   This addiction to living as if money can be plucked from whomever has it, at will of any elected officials and their supporting voters is more powerful than any addiction to nicotine, hard drugs or alcohol.   It appears evident that there is no hope for a recovery until the collective abusers and enablers hit rock bottom.

Unfortunately a lot of people will be hurt in that process.    There’s a lot more sober talk by Greenhut in this piece.  Click here to read it in full.