California Dreamin'

Editor's note: California goes bust while state retirees enjoy their retirements: Almost 80,000 California Retirees Receive Over $100,000 In Pension Pay. This when the corporate communists running the state of California are looking to milk the place dry for $800 billion in reparations for blacks. What kind of a bizarro increasingly weird world are we living in?

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Source: Great Game India

California Defaults On $18.6 Billion In Debt

May 8, 2023

According to data from the US Treasury, California owes the most debt at $18.6 billion and has defaulted on it.

California's recent decision not to pay back some $20 billion borrowed from the federal government to cover unemployment benefits during the pandemic will fall on the shoulders of employers, according to experts.

California Governor Gavin Newsom (D)

"The state should have taken care of the loans with the COVID money it received from the government in 2021," said Marc Joffe, policy analyst at the Cato Institute—a public policy think tank headquartered in Washington, D.C., in a statement to the Epoch Times.

In the state's proposed 2023-2024 budget, $750 million was allocated to start paying down the loans, until Governor Gavin Newsom nixed the provision in early January, leaving businesses in the state responsible for the loans, as mandated by federal regulations – so that the federal unemployment tax rate of .6 percent will increase by .3% per year starting in 2023 until the loan is extinguished.

"California is just not really an employer-friendly state," said Joffe. “This one thing will not be a difference between a business remaining open or closing, but it's just another burden on top of the many burdens the state puts on employers."

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Who's dreamin' in California these days?