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The Ontario Financing Authority, which manages the province's debt, says that as of March 31, 2020 (for the 2019–20 fiscal year), the Ontario government's net debt is CDN $353.3 billion. [3] Net debt is projected to rise to $398 billion in 2020–21.
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
California faced another budget gap for 2010, [8] with $72 billion in debt. [9] California faced a massive and still-growing debt. [10] In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11 ...
California has just 72 percent of the assets needed to make payments to retired public workers, many of whom get to collect six-figure annual payments.
California’s Employment Development Department, which oversees the state’s unemployment insurance program, has said that it would rely on increased federal taxes on employers to pay down the ...
The last time California faced a budget deficit and recession, Gov. Gavin Newsom cut worker pay by 9.23% and mandated paid leave. Gavin Newsom keeps money for state worker pay raises in budget as ...
From 1949 to 1979, public sector employment in California outstripped employment growth in the private sector. By 1978, 14.7% of California's civilian work force were state and local government employees, almost double the proportion of the early 1950s. [13]
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