California Has Promised a Quarter-Trillion Dollars More Than It Has to Spend

Arriving nearly a year past its due date, an annual financial report from the California State Controller’s Office released March 15 details more than $255 billion in unfunded liabilities. Such represents a record for the state and is the highest amount in the nation. The report, known as the Annual Comprehensive Financial Report, covering the fiscal year ending June 30, 2022, attributes much of the shortfall to promises made to state workers and retirees. “It shows you how deep in the hole you are,” former state Sen. John Moorlach, also a certified public accountant, told The Epoch Times. “It’s just like a thermometer to tell you where we’re at.”...