If I were still living in California, I might be open to the possibility of fleeing the state before it goes belly up. The news article below does not give any reason to hope that reason will prevail in the California state legislature. Money is running out. The wolf is at the door. Nobody wants to buy California's bonds, at least at the interest rate the state is willing to pay. Of course, California can always borrow money providing it pays a high interest rate--say the rate you're paying to Visa or MasterCard--although a promise to pay from a dead-broke organization doesn't inspire investor confidence. The budget gap is in the billions of dollars and growing. Buddy, can you spare a dime (or a billion $$)?
The rump Republican party has no ideas but, as usual, is happy to play the role of obstructionist. The Democrats won't consider genuine cuts and permanent reductions in state government. Governor Arnold has no ideas, either, but what's new about that? The situation is really getting serious. We are at just the beginning of the great depression of the 21st century; California (and the whole country) has a very long way to go in very greatly reduced circumstances before we recover anything resembling normality. If California government goes belly up now before times get really bad, what are Californians going to do for a government in a year or two or three when millions are out of work and the state is fighting for its life?
Read it here
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