Ajust released studycalculates the total state and local government debt in California as of June 30, 2015, at over $1.3 trillion. Authored by Marc Joffe and Bill Fletcher at the California Policy Center, thisupdates a similar exercisefrom three years ago that put the June 30, 2012 total at $1.1 trillion. As a percent of GDP, California’s state and local government debt has held steady at around 54 percent.

For a more detailed analysis of how these debt estimates were calculated, read the studies, but here’sa summary of what California’s governments owe as of 6/30/2015:

(1) Bonds and loans – state, cities, counties, school districts, community colleges, special districts, agencies and other authorities – $426 billion.

(2) Unfunded pension obligations (official estimate) – $258 billion.

(3) Other unfunded post-employment benefits, primarily for retiree health insurance – $148 billion.

This total, $832… Read More