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GOV.NEWSOM WANTS THIS FOR THE UNITED STATES? SOME RINGING ENDORSEMENT? Retirees’ pension benefits may potentially be significantly curtailed when a municipality declares bankruptcy. California: •$118.7 billion in total debt. •$785.72 billion in unfunded liabilities and other retirement benefits. •$250 in surplus per capita. On the basis of its solvency in five separate categories,California ranks 42nd among the US states for fiscal health. California has between 0.82 and 1.62 times the cash needed to cover short-term obligations, well below the US average. Revenues exceed expenses by 4 percent, with an improving net position of $271 percapita. In the long run, California’s negative net asset ratio of 0.57 points to the use of debt and large unfunded obligations. Long-term liabilities are higher than the national average, at 92 percent of total assets, or $5,642 percapita. Total unfunded pension liabilities that are guaranteed to be paid are $1,190.84 billion, or 54 percent of state personal income. OPEB are $106.06 billion, or 5 percent of state personal income. https://www.mercatus.org/publication/42