wazzu1452 wrote:
California’s total unfunded pension liability (aka pension debt) remains at more than $1.0 trillion, measured on a market basis; this translates into $77,000 per household.California—not Mississippi, New Mexico, or West Virginia—has the highest poverty rate in the United States. According to the Census Bureau’s Supplemental Poverty Measure—which accounts for the cost of housing, food, utilities, and clothing, and which includes noncash government assistance as a form of income—nearly one out of four Californians is poor.
California state and local governments spent nearly $958 billion from 1992 through 2015 on public welfare programs, including cash-assistance payments, vendor payments, and “other public welfare,” according to the U.S. Census Bureau. Unfortunately, California, with 12 % of the American population, is home today to roughly 35% of the nation’s welfare recipients.
California has one of the biggest budget surpluses in the nation.