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    The Coming Economic shock in California



    By Stephen Frank,  California Political News and Views

    I am hopeful and of the belief we will realize what is really important—family and friends.  Like you, except for using Facebook, I have not seen my children or grandchildren in a few weeks.  The Saturday dinners that last three hours with friends are now email exchanges.  Joining with those of Faith, either at services or Bible study is now done via Zoom.  Not the same as prayers standing next to one another in a Holy place.

    In a matter of one month, our nation went from the most successful and prosperous in the history of the world to a nation in Depression.  In two weeks ten million people lost their jobs.  Government has suspended April 15 as Tax Day, put a moratorium on most rents and mortgages.  The biggest change—for the long term was the passage of a $2.2 trillion rescue bill—with a total cost of $6 trillion.

    During the political debate and public discussion one issue was never made—where does the money come from?  Yet another rescue bill is being promoted, at a cost of about $780 billion, for infrastructure—to create jobs and fix our roads and bridges.  Again, no mention of where the money comes from.

    Then you have this from California, “We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities.

    This represents a rise of about $200 billion – or 15% – over our last debt analysis, in January 2017.

    Our findings may appear to contradict reports that suggest a state budget surplus of about $9 billion. But the state’s spare cash and rainy day funds pale before the mountain of long-term liabilities that California governments at all levels have accumulated. Moreover, if the stock market drops, personal income tax and capital gains tax revenue will decline precipitously, wiping out these surpluses.”  From the California Policy Center.

    Yet Governor Newsom claims the State has a $21 billion reserve.  How do you have a reserve so small and unfunded liabilities so large?  You don’t.

    Where does this leave us?  Without much complaint people closed businesses, church services, agree to rationing, loss of Second Amendment, at least ten million lost their jobs, our right to assemble is being denied.

    We have agreed not to meet with family or friends, use restaurants and linger over a cup of coffee.

    Socially, we have given our lives to government.  With the massive expenditures, we are giving our financial futures to government.  My answer is go back to the basics:  Faith and Family.

    Government answers are transitory and self serving.  They are set for the masses, not the individual.  In most part government regulations, taxation policy and social policy is set based on ideology.  For instance, government is trying to end religious services and the sale of guns during this crisis—but consider the sale of marijuana and abortions are essential services.

    Returning to normalcy, Faith and Family, is not a national movement.  It is a commitment, one person at a time and spreading.  It is being a role model for others, showing what is really important.  Government can not and will not mandate that we return to “normal”.  It is up to us.  While it may be a few weeks before we can go with friends and family to a diner or to church services, we need to emotional plan now what our normal will be.

    This too will pass.  Plan now for your family, your faith, for your future.  Don’t let others create it for you.

    The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the official position of Citizens Journal.

    Stephen Frank: Is the the publisher and editor of the California Political News and Views.  Mr. Frank speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows and is a full time political consultant.

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    William Hicks
    William Hicks
    4 years ago

    Well said. This is our lives, not the governments.

    This degradation of the national economy can’t last much longer before all our needs will have to come from government. I call that just another name for slavery.

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