California's Deficit Is $222 Billion And The State Is $1.6 Trillion In Debt

While finalizing the upcoming fiscal year's state budget back in May 2022, California governor Gavin Newsom boasted of an extraordinary projected surplus: $97 billion.

The State Office of Legislative Analyst's latest report projects a $73 billion dollar deficit for the next fiscal year.

John Moorlach, one of the only certified public accountants to serve in the California State Senate, just published a review of the state's fiscal health, focusing on the balance sheet.

Moorlach declared in a March California Insider interview that the state "Now has the largest unrestricted net deficit in the US: $222 Billion." In plain English, Moorlach is saying that California's state government accounts have liabilities that exceed assets by $222 billion.

Click on it to discover California State and Local Liabilities exceed $1.6 Trillion.

California's total state and local government debt now stands at almost $1.6 trillion, or about half the state's GDP. That isn't an alarming ratio when compared to the national debt, which has now soared to 128 percent of U.S. GDP with no end in sight.

Californians carry this $1.6 trillion state and local debt in addition to their share of the national debt. 

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