California is falling off a fiscal cliff. Some experts saw this coming a long time ago.
Financial expert Chriss Street said in December that California was much worse off fiscally than what the state was letting out.
Financial expert Chriss Street has studied the state of California’s financial status for years. He recently reported on the financial duress that the state is in. California’s financial situation is bad and getting worse.
“The State’s spending freeze means there will be no money in California to spend on multibillion dollar computer systems. Counties will have to use same day paper ballots with hand counting which cost a fraction of the complex machines to operate”. Chriss Street, CEO New California State, Former Treasurer Orange County, CA
“The State of California anticipates significant General Fund budget deficits in fiscal years 2023-24 and 2024-25. Accordingly, this BL directs all entities under the Governor’s direct executive authority to take immediate action to reduce current-year General Fund expenditures. Departments shall also take measures to ensure more prudent spending from other state funds given the fiscal outlook. Statewide Constitutional Officers are strongly encouraged to comply with the provisions of this BL“.
This freeze is to last for the remainder of the 2023-2024 and 2024-2025 fiscal years. New California State has been predicting for at least seven years the collapse would happen and its happened. California has “run out of other peoples money”. Now what?
According to Chriss Street CEO New California State, Former Treasurer Orange County, CA: “The State’s spending freeze means there will be no money in California to spend on multibillion dollar computer systems. Counties will have to use same day paper ballots with hand counting which cost a fraction of the complex machines to operate. The savings to the counties and state are in the tens of billions of dollars”.
In spite of numerous conversations with California state officials over the years by New California state officials about inaccurate financial statements, California’s lack of the annually required federal Audit Report since 2018 (only state in the union without a report), the loss by fraud of at a minimum of $180 billion through the Employment Development Department (EDD) and slow pay to vendors it looks like Newsom’s own fraud as Governor about the real California financials are now exposed.
The news is catching up. Daily Caller reported yesterday:
California’s budgetary deficit is headed toward a record $73 billion during the 2024 fiscal year under Democratic Gov. Gavin Newsom, according to a new report released by the state’s nonpartisan Legislative Analyst’s Office (LAO).
LAO’s Tuesday report found that California’s deficit would actually be $15 billion higher than the $58 billion the office had initially predicted. State revenues, which LAO projects will decline by $24 billion, are driving the increase in the state’s budgetary deficit, according to the LAO report.
California is in as much of a mess as New York. Liberal led fascist states are falling apart. They are fiscally and morally bankrupt.
