Advocating on Behalf of the American Military and Defense on the War on Terror
State auditor: California's net worth at negative $127.2 billion

RB_Prison_Construction_2009.JPGWere California's state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State Auditor Elaine Howle and the Bureau of State Audits.

The report, which covers the fiscal year ending June 30, 2012, says that the state's negative status -- all of its assets minus all of its liabilities -- increased that year, largely because it spent more than it received in revenue.