A new financial report by California State Auditor and the Bureau of State Audits shows that California is heading down the tubes, and fast—it now has a negative net worth of $ 127.2 billion. It’s actually worse than that; although the report counted the state’s long-term obligations at $ 167.9 billion, that doesn’t count unfunded… Read more »
Posts Tagged: Negative
State Auditor: CA Net Worth Negative $127.2 Billion
At end of the week, California’s State Auditor released its annual financial report for the state. The report, compiled by Auditor Elaine Howle, found the state has a net worth of -$ 127.2 billion. If the state were a business, it would be a candidate for liquidation. CA’s financial situation deteriorated this year, largely because… Read more »
DOE Sitting on Taxpayer Dollars Due to Negative Publicity
Despite billions of dollars in unused loan authority remaining under the Department of Energy’s (DOE) Loan Programs Office, negative publicity surrounding the loan guarantee programs (which offer taxpayer dollars to government-approved companies) has tampered with applications, according to a new Government Accountability Office (GAO) report. More than $ 51 billion in unused loan guarantee authority… Read more »
Revised GDP Turns Positive, With Negative Trends
The Commerce Department this morning released its “second” estimate of 4th Quarter GDP. The revised figures show that GDP didn’t contract in the Quarter, as originally estimated, but rather grew by a weak 0.1%. Even the new positive number shows a dramatic deceleration from the 3rd Quarter, when GDP was growing at a 3.1%. Much… Read more »