Government Debt Growth In California

Yesterday my political party (Democratic) incorrectly tweeted that California was “paying down debt.” Nothing could be further from the truth.

Net, California added more than $200 billion in debt over the last decade. The only debt paid down was budgetary debt of ~$30 billion, a small fraction of added debt of more than $250 billion.

The consequences of increasing debt are decreasing shares of government budgets being available for services, illustrating Thomas Piketty’s point in Capital In The 21st Century that debt “devours the future.”

Detail below.