The lunacy in California continues as the state grapples with ways to shore up their budget shortfalls and long term debt. But what is hard to believe is why it took so long for the officials who run the state to finally decide to sell 24 state buildings? The billions of dollars in debt, which I believe is somewhere near $20 billion, did not surface over night. This problems has been going on for years and debt has been pushed into the background as the state continued to spend money like a drunken sailor in a whore house.

In a recent L.A. Times article it stated that:

California officials hope to raise $2 billion to pay some of the cash-strapped state’s long-term debt and help plug a deep hole in the state budget by selling the occupied buildings and then leasing space in them for at least 20 years. The plan is to pay off the bonds used to finance the buildings and put the remaining $660 million or so into the state general fund.

State officials say the planned sales are in the taxpayers’ best interests.

What makes one wonder? Why wasn’t this done 3 or 4 years ago when real estate prices were high? Maybe the new state motto should be ‘buy high-sell low, Eureka we lost it!’ LOL

When we hear statements like this:

….. sales are in the taxpayers’ best interests.

It makes me think: Bend over and grab your ankles because here it comes!

I remember that it was going to be in the best interest of California to do away with the deregulation of electricity and have PG&E as the main energy supplier for the state. A friend of mine emailed me and said his electric bill last summer, he lives in Bakersfield where it gets really hot, hit $1,500 for one month. Whereas mine for the same period was $150. Maybe the electricity in California is better than what the rest of the U.S. uses. LOL

Comments welcome.

Source – L.A. Times