The United States hit the $31.4 trillion debt ceiling. California has a budget surplus of $97.5 billion and will have a budget deficit in 2023 of $40 billion. Thank you Daniel Torunian for a very eye opening report in the Daily Journal guest perspective.

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(2) comments


Excellent letter. Our government debt grew from 61% of GDP in 2007 to 122% of GDP now. Countries that grow their debt faster than their economy end up with high inflation. Taxing the wealthy and corporations would hardly dent our national debt. But it would cause businesses to pass through higher taxes to buyers and reduce investments in our economy. This would reduce our exports, increase interest rates and shrink our economy and tax base. If we don't reign in our government debt, the world economy will do for us with higher borrowing costs that eventually undermine the dollar as the world's reserve currency which would be devastating.

Terence Y

Well written, Ms. Thiel. I’m sure we’ll see more accounting shenanigans reported that will reduce our deficit. I’d recommend anyone nearing retirement age to sign up for Social Security as soon as you can and hopefully get back what you put into it. Imagine if, in CA, we didn’t lose $40 billion to criminals via EDD fraud, and if we stopped wasting money on the union giveaway known as the train-to-nowhere… We could probably build and house all the homeless in CA, maybe even in the country. I’d probably sell my home and claim homelessness…

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