SACRAMENTO – Senator John Moorlach (R-Costa Mesa) penned an op-ed recently published in the Sacramento Bee warning about ‘two red flags’ that could bleed California’s economy.
Two recent financial tremors should caution California and its municipalities that they had better get their financial houses in order. The first came from [state controller] in her update on the state’s retiree health care liabilities. … has grown to $92 billion, up from last year’s $77 billion. … The second tremor came on Feb. 5 with the massive stock market drop, the beginning of the worst week for investors since 2008. Turbulence and volatility are now the concern. … What government officials do with the people’s money is everybody’s business. Elected officials need to encourage an emphasis on building cash reserves, cutting fluff and focusing on debt management, before their debts define who manages their municipalities.
Click here to read Senator Moorlach’s full op-ed as published in The Sacramento Bee.