Government debt growth in California

By David Crane | Yesterday my Democratic Party tweeted that California was “paying down debt.” Not true.

David CraneNet, California added more than $200 billion in debt over the last decade. The only debt paid down was budgetary debt of ~$30 billion, a fraction of added debt of ~$250 billion.

The consequences of increasing debt are decreasing shares of government budgets being available for services, illustrating Thomas Piketty’s point in Capital In The 21st Century that debt “devours the future.”

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