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At the Hill Valley Forum 2026, Friedberg (quoted by @typesfast) said "California…
Brief
Friedberg, quoted by @typesfast at the Hill Valley Forum 2026, warned California is "functionally bankrupt," estimating a $250 billion–$1 trillion shortfall. He said the state cannot print money or declare bankruptcy, cited a California Supreme Court ruling barring restructuring of promised retirement benefits (which he says outrank bondholders), and warned taxes would drive residents away, risking national fallout.
Why it matters
At the Hill Valley Forum 2026, Friedberg (quoted by @typesfast) said "California is functionally bankrupt," estimating a $250 billion to $1 trillion budget shortfall.
Key details
- Friedberg claimed California cannot print money or declare bankruptcy, cited a California Supreme Court ruling that prevents restructuring already-offered retirement benefits (which he said are senior to bondholders), and argued taxation won't solve it because people would leave, creating a national risk.