LOL money is created out of thin air fed hits the keyboard and cali has its cash flow problems solved the interest is paid in the exact same manner as long as the USA is the world'd super power there is no limit to this cycle that's why we bomb every nation in the world that challenges our status or hold important natural resources and that's why spend more money in the military than in anything else we dont have that kind of problem (bankruptcy).
Personally, I hope you're right. SOME FRICKIN' BODY needs to pay the price for spendthrift profligacy.... but I doubt the Feds will allow any state to go down. "No unlimited supply of money"... correct. My bet is they will use it to keep ALL balls in the air until all come tumbling down.
I'm no accountant, but it seems to me that whenever I see projections for how much the state of CA is going to be required to add to the public employees pension fund that eventually the pension obligations will overwhelm the state budget and leave no room for anything else. Perhaps someone who has a better understanding of this issue can add some color onto whether or not this would be possible and when? Could it be possible that in order to pay out the pensions for current employees the 100% of the budget won't be enough some day down the line?
The pension problems will be a burden for Ca definitely. But, legally, I thought it would be hard for a US state to declare bankruptcy because the states can collect taxes.
I can understand why california's homeowners wanted to keep their taxes from going up with prop 13 and i can understand why they want cheap gardeners with illegal aliens and i can see how liberals want to feel compasionate by ignoring the law and letting ilelgal aliens into their socials benefit system ' but what i dont see, is how as a midwesterner how the problems all of this created are my responsibility dont pass the fucking hat to me
+1 Once upon a time I would not have believed you, and would say that you represent the extreme right in your comments and observations. But now I know there is more than a grain of truth in your comments, and that you actually just represent (what used to be) good old american values.
Good for you. FWIW.. I'm not extreme about anything... except for my hatred of lies, deception, self-serving greed, obsessive desire for power of government (Socialism in all of its names and forms). If I must have a political label, it would be as Independent or Libertarian. I'm pro choice, "the government which governs least governs best", "you deserve ONLY what you earn for yourself" and for fiscal responsibility by all. Government deficits are amoral! And if the country were one of Darwinian Survival (aka, "if you can't provide for yourself and you can't get VOLUNTARY support from the generous, you might as well just die"), that would be OK by me. I also lament the demise of our earlier "minimalist Federal government" and the designs of the Founding Fathers.
The government can rationalize "getting the money they want from anybody".... no "regular citizen" and his assets are safe.
Proposition 13 is not the problem. Californian's have the 3rd highest per-capita tax burden in the country. I pay 10.3% personal income taxes and 9.5% sales taxes. The real problem is that the California state legislature is radically anti-business. Business taxes are high (third highest in the country) and regulatory costs are the highest. Companies like Telmar Networks, Terumo Medical, Creel Printing and Stasis Engineering have left the state for good. Hewlett Packard, JC Penny, the Automobile Club of Southern California and other large corporations are moving thousands of jobs to Nevada, Texas and Tennessee. Even the entertainment business is moving operations (production/filming) out of the state. The result is 13.4% unemployment. The state legislature has treated businesses as their personal ATM machines and nothing else. The problems we have now are the result of years of bad state management. And here's one more mind-blowing statistic that tells the story: California has 11% of the country's population and 32% of the nation's welfare recipients. If that isn't a recipe for disaster, I don't know what is.