A new website allows Californians to see – and sort – the $1.5 trillion in debt their state and local governments have accrued.
Treasurer John Chiang’s office built the site. He says governmental debt isn’t necessarily bad. But the details matter – and he says the new site will allow the public to judge for itself.
“You can use it well, as Governor Pat Brown did,” Chiang said. “The water, the highways, schools that we have today are because of his big vision and debt legacy. Or you can make a mistake like we did in 2004, where we borrowed during another financial crisis to finance one year’s worth of operations.”
The treasurer’s site makes data available on all the different kinds of borrowing from cities, counties, schools, universities and other state and local agencies.