Doug Ross:
It must be fun to be a progressive. You get to spend money wildly without regard for who earned that money nor who will have to repay the loans you take out. I refer, of course, to Blue States like New York, Illinois and — especially — California:
Oh look, California is actually $335 billion in debt
The independent State Budget Crisis Tax Force [PDF] has released its analysis of California’s finances and found that rather than being a whopping $28 billion in debt, as Gov. Jerry Brown alleged with he came to office, the state is actually a nearly unfathomable $335 billion debt. Brown called it a “wall,” as the New York Times noted. But it’s really more like a dozen walls. All stacked on top of each other to make a mega-wall that blocks out the Sun.
This is not an exaggeration. Californian’s total level of debt, on an off the books, is pushing a fifth of the total annual economic output of the state, which is about $2 trillion.
Some of the usual suspects are responsible for this: overspending and undertaxing during boom times, colossal pension liabilities, taking on too much debt. But the report zeroed in on … a California tax system that relies far too much on the incomes of the wealthy, and in particular on income derived from capital gains, or the sale of stocks, bonds, and other assets…
Do Californians believe the rest of the country will subsidize the lunatics like Brown and bail out the corruption, fraud, kickbacks, and incompetence that characterizes California?
This mega-corruption was tolerated when California has the fifth or sixth largest economy in the world, but now with one-third of the nation’s welfare elite and expensive high speed trains between farming communities of the Central Valley seen as a way out and with Arnold’s Cap and Trade programs about to strangle California industry, the state is looking like the EU’s Greece or Spain. Germans are getting tired of supporting the corruption and incompetence of others, and the rest of the country will soon get tired of bailing out the stupidity of California Liberals like Pelosi and Brown.
@Skook: Don’t be surprised if the feds bail out California. The “too big to fail” mentality is alive and well. We have the same problem in Illinois with an unsustainable debt that no one wants to deal with. Like California, the state is controlled by the left leaning, corrupt dem machine in Chicago (of which Obama came from) and the unions. The Republicans and the more conservative downstate dems are weak in comparison. Combine states like California and Illinois with the federal situation and perhaps a pattern is emerging.
Where is Larry defending the California Libbs?
@Skook:
The country has been subsidizing California since 2009. They’ve done it for 3 years, they’ll do it 30 more.
There are already disturbing hints that the governors and state legislatures of these basket cases are hoping for a federal bailout to keep the gravy trains running.
BTW I think California is a net “donor” to the rest of the country – high federal income taxes hit us (and New York) disproportionately.
I was so glad to see CA in my rear view mirror for the last time Monday. It is no wonder they are in debt as they have so many programs and no one to manage them. My wife is making the most of it, about 15 months of unemployment, but is to busy working for both her sister and sister in law for cash under the table and going to school on grants to actually look for work. The mentality there is they deserve only the finest. My soon to be ex sister in law was making millions, owned a large real estate firm, had interests in a few other businesses. A few years ago they had a cusom built motorhome they paid 450k for, then rented a spot in Reno and on in Vegas and for 6 months moved it back and forth once a month before bringing it into the state to avoid the new vehicle tax. they spent money faster than Obama could print it. Now they have lost or sold all of their businesses and she is an agent for another company, as crooked as they come. They know very well what my wife is doing, and they know it is both on the state and fed level (federal extensions) felonies. They squandered millions owing time shares, airplanes and owned 2 Land Rovers, a Delorean and so many cars I can’t count them. Each of their kids got new cars for their 16th Birthdays, but now it is all gone, and guess who is funding both the kids college, student loans, and after living with those 2 kids I wouldn’t hire them for anything as they are the laziest and spoiled brats I ever met. They have a 21 year old daughter that is majoring in alcohol consumption, but she doesn’t have a problem. Neither did their other daughter, who hung herself last year as a result of drinking and drugs. We were paying rent and buying food, and last month they asked me for 200 bucks for a few days as they said they were out of grocerie money and I gave it to them. My brother in law came home with a customized 40k toyota truck that night. He had a very nice truck, but he owed 200 more on it than they would give him on trade and that’s where the money went. A month before they were discussing banruptcy, but they deserve nice things. So glad to be back home, but while my wife is cheating her way through life, I am homeless, living with my son for a few days, and on SSDI with about 800 a month for food and housing as my wife told me flat out she wasn’t paying the bills anymore. She even told me I had to leave her the car because she needed it for school, and told me she expecdted me to pay for it. What she doesn’t understand is that the car and loan are in my name so I towed it back. Do not ever beleive CA unemployment numbers either. Becasue of the toleraqnt weather they have homeless in the millions, living in city and state parks, bushes behind every store, and any place they can. From what I saw in 18 months there I am willing they have at least 2 homeless for each real unemployed person.
@TruePatriot57:
Good luck with your new start, in another state.
I’m sorry to read of all the hardship you’ve had to endure, but keep the faith, pray A LOT, and I wish you well.
Ivan.