From the Orange County Register:
"Welcome to California. America's nonsmoking section," stated an ad from the California Tobacco Control Program. Tobacco users have listened, and so many have quit the unhealthy habit that the state budget is getting sicker."To be paid over 25 years...." with future tobacco sales.
The biggest hit could come from the money California gets from the 1998 Tobacco Master Settlement Agreement between the big tobacco companies and 46 states, including California. The deal called for $246 billion to be paid over 25 years."
But California didn't want to wait 25 years, so California borrowed that money in the form of bonds to fund the "First 5 Program", etc. which provides health and wellness services to children up to 5 years of age. California has issued $16 BILLION in bonds since 2001 - partially guaranteed with the state's general funds!
And then California doubled down on its demonization of smokers with harsher anti-smoking laws.
Predictably, tobacco sales have plummeted along with tobacco tax revenue and the settlement money from Big Bad Tobacco, which California counted on to pay back bond holders. So what solution are these 'taxifornia' geniuses proposing? Increase tobacco taxes by $1 per pack, raising the average price for a pack of California smokes to $7.
Liberalism truly is a mental disease. Children and the poor hardest hit.
Yet retired California public school teachers are making out like bandits. From 2011: the number of $100,000 retirees skyrocket in California's teacher pension system (that's a 76% increase in 2 years).
Related: Businesses continue to flee the regressive taxes and punitive regulations of California.
Update: Californians moving to Texas in record numbers.