Absolute Wealth Reveals that California and New Jersey are both Swamped in Debt

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Absolute Wealth reports that the jobless rates in both states are above the national average, with New Jersey’s somewhere above 9%, and California’s over 11%, and are both being swamped in debt.

California and New Jersey Swamped in Debt AbsoluteWealth.com

California and New Jersey Swamped in Debt AbsoluteWealth.com

Absolute Wealth reports that 15 years ago, California had 21% of the nation’s welfare burden, but today, the California welfare burden has grown to 32%, even though the state has only 12% of the US population.

Recently Absolute Wealth revealed information about the over whelming burden of New Jersey and California’s debt and bloated budgets. Absolute Wealth says it is no surprise that both states have long addictions to high taxes, with businesses fleeing both states in huge numbers, leaving them scrambling for tax revenues and employers. Absolute Wealth explains that both states must work fast to alter their states problems, or die a slow financial death as they slide into the sea of bankruptcy. Both, California and New Jersey are working on these issues, they are just both taking different paths to find the solution, remarks Absolute Wealth.

The New Jersey Governor Chris Christie has chosen to face fiscal reality, writes Absolute Wealth, he knows that he has to find a way to cut taxes and social programs as much as he can. Absolute Wealth says this should be easy to do, and at the same time, quite difficult to do. The problem lies, Absolute Wealth explains, in the ratio of those paying taxes, to those not paying taxes but receiving state benefits of one kind or another.

There are plenty of taxes to cut since New Jersey is in the top tier of heavily taxed states, adds Absolute Wealth, there should be plenty of wasteful areas to cut taxes, but it may be hard to do because of New Jersey’s addiction to welfare in various forms. Those who receive benefits vote, and will vote to keep their benefits, which means that higher taxes would stay in place to pay for those benefits, says the Absolute Wealth column.

Absolute Wealth remarks, on the left coast, the Golden State has returned to days gone by. In a throwback to the late ‘70’s, Absolute Wealth reveals, California again has Jerry Brown calling the shots, and the shot he likes best—the only shot he really knows—is raising taxes proposed in Jerry Brown's state of the state speech.

Absolute Wealth writes, California’s economy is the 8th largest in the world, and as it turns out, the California dream is no longer about going to Hollywood and becoming a movie star. The California dream, Absolute Wealth reveals, is slumming it in the sunshine state, and letting the working fools pay for food, shelter, medical care, education, and any other expensive benefits offered at the welfare buffet.

Absolute Wealth reports that 15 years ago, California had 21% of the nation’s welfare burden, but today, the California welfare burden has grown to 32%, even though the state has only 12% of the US population. Absolute Wealth puts it in perspective like this, California is almost 2 times the size of New York State, but has 5 times the number of welfare cases.

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Paul Norwine
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