PG&E going bankrupt is just the beginning of the financial collapse of California under suicidal liberal economic policies
01/14/2019 / By JD Heyes
Since Democrats have taken over all levels of government in California, imposing their brand of “progressive” politics and policies, a strange thing has happened: The state has grown richer and poorer at the same time.
Buoyed by billion-dollar industries in entertainment, agriculture and technology, California’s GDP is $2.7 trillion annually. But according to the Census Bureau’s Supplemental Poverty Measure, the Golden State also has the highest poverty rate.
And it’s the latter statistic that has become California’s Achilles heel.
Kerry Jackson, writing in the Los Angeles Times in January 2018, noted that Leftist Democrats have bled these high-earning industries, and the millionaires and billionaires they created, to fund massive social welfare programs that still have not alleviated poverty. In fact, Jackson writes, they seem “to have made it worse.”
But Democrats have not curbed those entitlement programs, regardless of how much they cost or how ineffective they’ve been. And now, as Dave Hodges, host of The Common Sense Show, reports, financial disaster looms.
“California government, as we understand it, is on its last legs,” he writes on his show web site. “It’s imminent demise is a testament to what happens to a government which embraces blatant socialism and extreme leftist leadership and subsequently loses sight of the fact that government’s main mission is the safety of its citizens.”
Hodges said that he has learned through conversations with Robert Paul Preston, head of the New California Statehood movement, that California’s primary utility, PG & E, is set to declare bankruptcy, after failing to stay ahead of its expenditures.
He also reports that the initial disaster funding provided to California by the Trump administration via FEMA for its recent massive wildfires was diverted to pay down state debt — presumably to PG & E if his sources are correct. The Trump administration has since “cut off FEMA disaster funding,” leaving California unable “to meet its financial obligations.” (Related: Lengthy study finds businesses fleeing California over nightmare taxes, regulations imposed by DEMS.)
‘Crimes against humanity’
Hodges reports further:
California is overrun with an illegal alien population that State government cannot support. It’s [sic] economy has been devastated by the NO. California fires, which were deliberately caused by Directed Energy Weapons (DEW). As a result of these factors and many more, California’s state government is on the verge of absolute collapse.
Hodges says that Preston, host of Agenda 21 radio, will discuss critical information regarding the state of California’s finances on Monday.
“Directed Energy Weapons have been used to start fires. The federal disaster relief funds have been diverted to the state budget by former Governor Jerry Brown. The term being used to describe this is DISASTER CAPITALISM. Trump has cut off the funds,” Hodges wrote.
He added that the state missed a debt payment — defaulted — on a $10 billion loan last week, and is set to default on a $60 billion note next month (California’s debt clock shows a GDP of $2.8 trillion and a debt of more than $462 billion).
What’s also draining state coffers, according to Hodges, are costs related to illegal aliens, on whom California spent $27 billion last year, Hodges noted. “By April,” he said, “California state government will not be able to meet its projected $128 billion budget.”
In addition to PG & E, Hodges said sources believe another major utility will also come under economic duress — all of which amounts to the beginning of the end of Californian prosperity.
There are going to be legal repercussions as well. “I have been told that a law suit [sic] is being prepared against [former] Governor Jerry Brown for his role in ‘crimes against humanity’ and the suit will be filed at The Hague,” Hodges wrote, over deaths caused by the wildfires.
Hodges notes that more information will be revealed soon as “there are many unanswered questions.”
Read more about California’s government debt collapse at Collapsifornia.com.
Sources include:
Tagged Under: bankrupt, Bubble, California, Collapse, Collapsifornia, debt, debt collapse, debt payment, disaster capitalism, economics, electric utility, entitlement programs, finance, Gov Brown, government spending, Illegal aliens, invasion usa, jerry brown, lawsuit, Libtards, Misappropriation of funds, PG & E, socialism, The Hague, utilities
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