California's Net Worth at Negative $127.2B, Audit Says

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A new Bureau of State Audits report found that California's general fund spent $1.7 billion more than it received in revenues in fiscal year 2012, resulting in an accumulated deficit of about $23 billion and a negative state net worth of $127.2 billion. The report listed the state's long-term obligations at $167.9 billion, which did not include the more than $60 billion in unfunded liabilities for retiree health care.

Clark Norwood
Is anyone really suprised? The legislature is controlled on both sides by the left and a lefty is the Gov., for full control to tax and spend. Unions run amuck with overtime, pensions and healthcare. More and more contractual dept that requires more and more taxes to pay for it. Is anyone REALLY suprised?

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