One big one we forget. Corrupt school boards across the state went on a school building binge, under debt rates no longer low. A lot of that debt suddenly needs refinancing when rates are rising and they compete with the Swamp.
Cal government still hit with rising liability on pensions, but get an additional whammy with Obamacare requirements
Already suffering five tax hikes in the cycle, income producing businesses leaving. And, low income refugees arriving.
Together this is a 15% squeeze on governments here, in an aggregate shock. Maybe a 5% reduction in hiring across the public sector, if we are lucky. But that is likely close to blue bar. The Swamp gets a sudden drop in tax receipts. It is California Boat Anchor time.
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