Connect with us

Latest

Climate executive warns California ‘functionally bankrupt,’ $1T shortfall could shake nation

Published

on

California is “functionally bankrupt,” climate entrepreneur David Friedberg said in a recent interview with “Sourcery,” pointing to pension liabilities, legal constraints, and government spending as drivers of a potential long-term fiscal crisis.

Friedberg was asked to share an under-discussed “hot take” on politics and policy. He framed California’s financial outlook as a largely overlooked issue with implications that could extend beyond the state.

“People don’t realize how screwed California is, and I worry that if California falls, so does the union,” Friedberg said.

He argued that the scale of California’s fiscal exposure is tied directly to its public pension system, which guarantees retirement benefits to government employees and retirees. According to Friedburg, the gap between what has been contributed and what is owed has grown significantly over time.

HOUSE COMMITTEE LAUNCHES INVESTIGATION INTO ‘RAMPANT’ CALIFORNIA HOSPICE FRAUD

He argued that the scale of California’s fiscal exposure is tied directly to its public pension system, which guarantees retirement benefits to government employees and retirees. According to Friedburg, the gap between what has been contributed and what is owed has grown significantly over time.

“The amount that they’re owed back out is somewhere between $250 billion to $1 trillion dollars more than has been paid in,” Friedberg said.

Friedburg contrasted California’s position with that of the federal government, emphasizing that states operate under stricter fiscal constraints and cannot rely on monetary policy tools to offset deficits or obligations.

“If it was the federal government, it would be like, OK, we’ll just print more money,” he said. “California doesn’t have the ability to print money, so California has to pay this out.”

He also pointed to legal precedents that, in his view, limit the state’s flexibility in addressing pension liabilities, even for current employees whose benefits have already been promised.

“There was a Supreme Court case in California that said that once an employee has been offered retirement benefits… you can never restructure their retirement benefits,” Friedberg said. “It has to stay forever.”

NEWSOM’S FAILED LEADERSHIP HAS LET CALIFORNIA BECOME A LAND OF FRAUD AND SCAMS

In addition to benefit protections, Friedberg said California lacks a legal mechanism to declare bankruptcy, which further restricts options typically available to entities facing insolvency.

“The state cannot declare bankruptcy. There’s no way for the state to functionally declare bankruptcy. There’s no law to allow it,” he said. “No state has ever declared bankruptcy.”

Friedburg said  that under current financial structures, pension obligations must be paid before other liabilities, including debt owed to investors who finance state operations.

CALIFORNIA DEMS UNLEASHED PRESSURE CAMPAIGN AGAINST USC PRIOR TO DEBATE CANCELLATION

“The retirement benefits sit senior to the bonds in California,” Friedberg said. “So you have to pay out the retirement benefits before you pay out all the bondholders.”

Friedburg described the situation as a looming “fiscal cliff,” arguing that the scale and structure of the problem leave limited paths forward without broader economic or political consequences.

CLICK HERE FOR MORE COVERAGE OF MEDIA AND CULTURE

“I asked… where did the $14 billion go that went into that high-speed rail project? There was… no rail,” he said. “Whose pocket is that money in?”

“Where the hell did the money go?… You can follow dollars. Where did they go? Who has all that money?” Friedberg asked.

He said California needs a structural changes to address the issue.

“California’s functional bankruptcy is a major risk to the country, and I think we need to figure out what we can change to fix it,” Friedberg said.

Newsom’s office did not immediately respond to Fox News Digital for comment.

Continue Reading

Latest

Meta vows to ‘aggressively’ fight after landmark verdicts find tech giant liable for addicting kids

Published

on

A top Meta lawyer says the company will “aggressively” pursue appeals after two juries found it liable for hundreds of millions of dollars in damages.

Juries in California and New Mexico recently found Meta liable for designing addictive platforms and violating consumer protection laws. Meta plans to appeal the rulings.

“We disagree with these verdicts, respectfully,” C.J. Mahoney, Meta’s chief legal officer, said on “Saturday in America.”

“We think that they’re vulnerable on appeal, and we’re going to pursue those appeals aggressively,” he added.

HAWLEY LAUNCHES GOOGLE INVESTIGATION AFTER ‘SHOCKING’ CHILD TRAFFICKING TESTIMONY AT SENATE HEARING

On Wednesday, a Los Angeles jury found both Meta and Google liable for designing their products to make young people addicted. Jurors awarded the plaintiff $6 million after a nine-day trial. The plaintiff, known as KGM, testified that she became addicted to social media as a child and that it worsened her mental health struggles.

Mahoney said Meta should not be blamed for the youth mental health crisis.

“We do not believe that our platform is responsible for the teen mental health crisis in this country,” he said.

JOSEPH GORDON-LEVITT SLAMS BIG TECH FOR SEXTORTION, THREATS TO CHILDREN WHILE CALLING FOR KEY INTERNET REFORM

“It’s not [going to] be the payday that the plaintiff’s lawyers would like it to be,” Mahoney added.

Instead, he argued that both parents and schools should take responsibility for children’s social media use and that blaming tech companies oversimplifies the situation.

“Trying to pin all of this on one social media company or even the tech industry, I think, simplifies the problem in a way that isn’t helpful,” he added.

GRAHAM LEADS BIPARTISAN DEMAND FOR TECH REFORM VOTE TO ‘BRING SOCIAL MEDIA COMPANIES TO HEEL’

Mark Lanier, the plaintiff’s lead attorney, called the verdict a major victory.

“The simple truth of the matter is, if we don’t hold these companies accountable for purposefully addicting children to their platforms to enrich their coffers, nobody will,” he said Friday on “Fox & Friends.”

Lanier noted that while it’s fine for social media companies to want to grow their user base, it cannot come at the “expense of our children.”

The California verdict came only days after a jury in New Mexico also found Meta liable for harming children’s mental health and jeopardizing their safety. Meta must pay $375 million in damages.

Platforms TikTok and Snap had been defendants in the California trial but settled before the case went to a jury.

The full interview with Meta Chief Legal Officer C.J. Mahoney will air on “Saturday in America” at 10 a.m. ET.

Continue Reading

Latest

Secret Service agent assigned to Jill Biden injured in ‘negligent discharge’ at Philadelphia airport

Published

on

A U.S. Secret Service agent assigned to former first lady Jill Biden reportedly shot himself in the leg at Philadelphia airport. 

KYW Newsradio reported that the Secret Service agent assigned to the former first lady accidentally shot himself in the leg early Friday at Philadelphia International Airport and a large police presence was outside the American Airlines ticket counter at Terminal C.

“On Friday morning just after 8:30, an on-duty U.S. Secret Service Special Agent suffered a non-life-threatening injury following a negligent discharge while handling a service weapon at the Philadelphia International Airport during a protective assignment,” Secret Service spokesman Nate Herring said in a statement to Fox News Digital.

“There was no impact to the protectee’s movement and they were not present at the time of the incident,” he said. “There were no reported injuries to any other individuals and the special agent is being evaluated at an area hospital in stable condition. The Secret Service’s Office of Professional Responsibility will be reviewing the facts and circumstances of this incident. We are grateful for our law enforcement and public safety partners who provided medical assistance.”

This is a breaking news story and will be updated.

Continue Reading

Latest

George Clooney and Natalie Portman lead Hollywood exodus to France to escape ‘pressure cooker’: experts

Published

on

Over recent years, Hollywood giants have abandoned their home country and moved their families to France.

George and Amal Clooney, Angelina Jolie and Natalie Portman are just a few of Hollywood’s heaviest hitters who have ditched the U.S. to raise their kids overseas. This trend of celebrities fleeing the States may be for a number of reasons — escape from paparazzi, privacy, the culture.

Cultural commentator Jonathan Alpert says that stars are fleeing since Hollywood has started to feel like a “pressure cooker.”

“Hollywood has become deeply political in recent years, and for some celebrities that environment can feel like a pressure cooker,” he began. “Every comment, role, or social media post is scrutinized through a political or culture-war lens, and that kind of atmosphere can push people to look for some distance.”

CHRIS HEMSWORTH ADMITS DITCHING LA WAS ‘GREATEST DECISION’ HE’S MADE

For Portman, who raises her young children Aleph and Amalia in Paris, the biggest plus of raising her kids in France is the privacy.

“They’re very good at privacy here. I feel like the biggest compliment is ‘elle est très discrète’ [‘she is very discreet’],” Portman told Net-A-Porter last year.

Celebrity real estate agent Josh Flagg told Fox News Digital that stars like Portman have the flexibility to leave Los Angeles, the entertainment hub, due to their level of success.

SYLVESTER STALLONE’S WIFE PRAISES FLORIDA AS A FAMILY ‘REBIRTH’ AFTER FLEEING HOLLYWOOD LIFESTYLE

“Yes, especially once they reach a certain level of success,” Flagg said when asked if stars prioritize privacy and anonymity more than proximity to the industry.

“When you’re starting out, you need to be in Los Angeles. But once your career is established, you can fly in when you need to work. At that point, privacy, security, and overall quality of life become much bigger priorities,” he continued.

The “Black Swan” star told Net-A-Porter that she appreciates the politeness that comes with raising her children in France.

ALI LARTER SAYS HER AND HER HUSBAND DITCHED LA AND ‘FULLY COMMITTED’ TO IDAHO MOVE FOR THEIR KIDS

“All the kids that come to my house are, like, ‘Bonjour Madame,’ and give me the bise [cheek-to-cheek kiss],” she said. “And before they leave, they are, like, ‘Thank you for having me,’ and if I’m not nearby, they’ll come and find me to say it.”

George and Amal Clooney ditched the U.S. and obtained French citizenship last year. The couple has been living in France with their children after uprooting the family to get away from the culture of Hollywood, the Academy Award-winning actor and director said in October. 

In an interview with Esquire, Clooney, 64, opened up about his life in France and explained why they chose to move his family to the countryside.

JAMES CAMERON SLAMS US FOR GOING ‘THE WRONG DIRECTION,’ REVEALS WHY HE TRADED AMERICA FOR ‘SANE’ NEW ZEALAND

“You know, we live on a farm in France. A good portion of my life growing up was on a farm, and as a kid I hated the whole idea of it. But now, for them, it’s like – they’re not on their iPads, you know? They have dinner with grown-ups and have to take their dishes in. They have a much better life.”

“I was worried about raising our kids in L.A., in the culture of Hollywood. I felt like they were never going to get a fair shake at life,” he continued. 

Albert told Fox News Digital that many of these stars aren’t leaving LA for good, and are just seeking a get-away.

“Most of these stars aren’t truly leaving the American entertainment world. They still work here and often maintain homes here. In many cases, it’s less an exodus and more about creating breathing room from the scrutiny and political intensity that surrounds Hollywood today,” he said.

Flagg explained that there are several aspects of France that are appealing to high-profile stars.

“France has always had a special pull for artists and celebrities. Paris and the South of France offer culture, architecture, food, and history in a way very few places do,” he began. “But the biggest factor is privacy. In many parts of France, even major stars can live relatively normal lives compared to Los Angeles. There’s also a long tradition of creatives gravitating there.”

‘BREAKING BAD’ STAR AARON PAUL MOVES FAMILY FROM LOS ANGELES TO PARIS FOLLOWING LA FIRES

Although Jolie doesn’t live in France, she and her ex-husband, Brad Pitt, have owned Château Miraval since 2008. The former couple remains embroiled in a bitter dispute over the French winery. However, according to The Telegraph, Jolie may return to France in the future to live and work.

Jolie spoke to Le Monde in February about what it’s like to be a woman in France. “I find it very enriching as an artist and as a woman to be in France. I feel that more of myself comes out here. The conversations seem deeper and more enriching to me,” she told the outlet.

“Breaking Bad” star Aaron Paul moved his wife and two kids to France after the devastating fires in Los Angeles in 2025. Speaking to Travel + Leisure, he explained that they have acclimated well.

CLICK HERE TO SIGN UP FOR THE ENTERTAINMENT NEWSLETTER

“Love the food, the history, the people. Every time I came to Paris, I never wanted to leave. We wanted our kids to learn another language and be surrounded by another culture. It was very important to us,” Paul said.

In 2021, filmmaker Wes Anderson — who has lived in France for years — told The New Yorker, “anytime I walk down a street I don’t know well, it’s like going to the movies. It’s just entertaining.”

LIKE WHAT YOU’RE READING? CLICK HERE FOR MORE ENTERTAINMENT NEWS

In 2023, Christina Milian moved her family to France and has since admitted that they will reside there for most of their lives.

Milian is married to French singer M. Pokora, so choosing to stay in France was not a hard decision for the American actress.

“I do think we’ll stay [in Paris] for a long time and that’s really going to be a landmark place for us. To stay most of our lives,” Milian told People in 2024. “My kids go to school there. I want the kids to continue speaking the language. It’s easy to switch to English all the time. So it’s nice that my daughter loves school there.”

“We’re Frenchies,” she concluded.

Continue Reading

Trending

Copyright © 2026 Political Signal