Foolish California bonds put taxpayers at risk

By Jon Coupal | If you had just won the lottery, would that be a good time to go further into debt or would it be smarter to pay down the debt you already have?

Most Californians would like very much to be debt-free, and the thought of being able to pay off their mortgage, car loan and student debt is surely attractive.

In some respects, thanks to the forced generosity of California taxpayers, California has won the lottery.

Our highest-in-the-nation tax burden has left our treasury full with billions in surplus revenue.

One would think that with all that revenue, our elected leadership would be a little more circumspect in taking on new debt or at least manage the debt we have more effectively. But this is California.

The Golden State is awash in debt consisting mostly of unfunded pension obligations. Unfortunately, our leadership continues to press on the accelerator in taking on new debt.

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