California -- America's first failed state?

Excuse me Gov. Schwarzenegger, but are you referring to the minor tax increase that was the largest in the history of the state? I wasn't aware that you were living in California when Prop 13 (which puts a limit on property tax increases) was passed.
And why is it that only you and the other hand-in-your-pocket politicians complain about the supermajority needed to increase taxes?

 

What no one mentions, of course, is that California pays for that electricity and Arizona is in all kinds of financial trouble. So, even if this yahoo had the power to cut off the electricity -- which he doesn't -- it would be incredibly foolish to do so.

 

The pillaging of the taxpayers of California continues unabated.

http://latimesblogs.latimes.com/lanow/2010/07/bell-council-found-loophole-in-law-to-allow-big-salaries.html

 

California's demise? Not so fast...

http://www.latimes.com/news/opinion/commentary/la-oe-lockyer-california-outlook-20101220,0,3727492.story

Our critics say we are addicted to spending. But the numbers show that isn't true. Thirty years ago, general fund expenditures totaled about $7.43 for every $100 of personal income. In the 2009-10 fiscal year, that ratio was almost $2 less, at $5.52 for every $100 of personal income. In the current fiscal year, per capita general fund expenditures will total $2,246, less than the $2,289 spent 10 years ago and roughly equal to the inflation-adjusted level of 15 years ago.

 

Jesus, the commenters skewered the clowns who wrote this.

 

I didn't bother reading it after I scrolled down to the author information:

"Bill Lockyer is the state treasurer of California. Stephen Levy is director of the Center for Continuing Study of the California Economy."

Why read their press release?

 

Comments referenced this article, which was an interesting take. The land of diversity is becoming more and more segregated.

http://www.nationalreview.com/articles/255320/two-californias-victor-davis-hanson?page=1

 

Bankruptcy has been mentioned in the city I live in, but that makes me think... the county's broke, the state's broke, the country's broke... how would a bankruptcy even work?

 

Now you're starting to get it.

 

They'll just ask Texas to pay for it.

 

Time to change the thread title to Texas?

http://www.nytimes.com/2011/01/07/opinion/07krugman.html?_r=1&src=me&ref=homepage

 

Fortunately for Texas conservatives, the state has many illegal immigrants who they can easily blame for their problems, especially with health spending. For a short time, there was a serious discussion in the state about opting out of Medicaid, until someone with brains came to the realization that the state would lose far more in federal money than it might save in not paying for health care for poor people.