I agree with not bailing out the states. They made their bed and can now sleep in it. That said, no doubt this administration will bail them out. Lessons have to be learned, spend what you make. Why is that so hard for people and the government to get. The buy now pay later era is over, it is now later.
I read that California municipal bonds are yielding 6-8%. One would think that an Obama bailout would result in lower yields... but I don't really know. Stosh
You're kidding right? Is your argument that California is in a hole because people are under taxed? Yes you have relatively cheap tax rates on real estate but because of high home valuations the tax assessed is gigantic. Then throw on top of it one the highest income tax rates in the country. Where's the middle class? Preliminary census readings out of L.A. County this week. 29% non-Hispanic white. Read the message boards on City Data for clues. People are leaving in droves. Would you rather struggle your ass off in Torrence or live comfortably in Austin? You are correct that much-not all-but much of the deficit is caused by the entitlements negotiated by organized labor. But which party is in bed with those unions? Uh, the President from which party just gave the UAW a company owed to bondholders? Do you think Ronald Reagan or George Deukmejian were in the pocket of labor? Just LOOK AT YOUR CONGRESSIONAL DELEGATION to see what a fucked up loser electorate you have. What civilized state in America could have not one but TWO left wing Jew broads serving in the U.S. Senate. Endemic of the whole state. Boxer, Pelosi, Waxman, Waters, Sanchez. I don't hesitate reminding Californians that if weather and beauty were the end all arbiter then Mexico would be sought after. Don't kid yourself that California isn't in SERIOUS demographic and fiscal shape.
Mmm too bad, we already got billions of federal taxpayer money for the bullet train between Vegas and Disneyland. I'll think of you folks when I'm sipping a bailout subsidized cocktail at 300kph on a gambling junket. Go ahead and laugh at Cali because you are all going to pay for our fun out here now. Arnold won't raise taxes so all you people are going to have to pony up for our social services etc. "Its too big to fail"
Won't happen. I used to think it would, but the more history I read and the more current events I watched, the more I came to realize that there is a large segment of humanity that is very willing to accept very poor conditions in exchange for other ideals. Look at Detroit for a fine example. It's been shit for 50 years, but the voters show zero inclination to change anything. A lot of the country doesn't mind living in squalor if somebody else is paying for their TV set so they can watch American Idol.
Not quite. The real message is: It's too liberal to fail. You can bet if California were a hotbed of conservatism, it'd be left to it's own devices by DC.