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California has $16 billion deficit but has $600 billion in hedge funds?

Jun 14, 2012

It appears that California tax payers have been funding a very large investment, mostly in other nations, while their governor claims the state is so broke that pensions are at risk and employees must be laid off. This is according to page 107 of California's Comprehensive Annual Financial Report.


This is similar if the governor claimed the public checking account didn’t have enough money for our children’s schools while he covered-up a savings account with over 30 times the claimed shortage....

Clint notes on page 107 of California’s CAFR that the $6 billion annual interest cost and $164 billion in state debt are also cover-ups when contrasted with taxpayers’ investments....

The state of California claims these funds are “designated” and cannot be used for other purposes, and necessary to fund pensions....

Californians do not know about these funds revealed in the CAFR. If they did, would they choose the state’s management of austerity while investing in debt and Wall Street’s scraps from corporate dividends? Or would they demand to know their other options?

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Dr. Stephen Jones

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