Should We Let California Go Bankrupt? (yes)

.realclearmarkets.com ^ | February 25, 2009 | Stephen Malanga

[bilhosty]

New York Times story about the budget deal that California legislators struck last week to close the state’s monstrous deficit noted that, “California is an example of what you will see across the country” as state budgets come under pressure from the declining economy.

Hardly. While many states are grappling with budget problems, none are nearly as large as California’s relative to its size--$41 billion in a state of 37 million, or $1,108 per resident. Even New York, the next most fiscally pressed state, clocks in with a mere $13 billion for 19 million residents, or $685 per capita.

There’s good reason why most states won’t fall down the fiscal black hole where California now dwells. This is a state whose politicians, public sector unions and advocacy groups have been living in a fantasy world of overspending, investment-deadening taxation and job-killing regulation. Looking out over the state’s prospects and examining the budget deal that legislators have put together (jerry-rigged as it is with revenue gimmicks and unrealistic projections), the only question is who will be begging Washington for more money sooner, the banks, the auto companies or the Terminator?

[bilhosty]

I say let them fail.

[Marie2]

Do we have a choice? We are bankrupt whether we let ourselves be or not.

[screaminsunshine]

Cal. is already bankrupt as is the Federal gov.

[Rastus]

To quote Jack Kirkpatrick from Airplane!: “They bought their tickets, they knew what they were getting into. I say, let ‘em crash!”

[cripplecreek]

I live in Michigan and I say let us fail. It’s like being brain dead and kept on life support and it’s time to pull the plug so we can start over.

[17th Miss Regt]

Like it or not, the 13th Amendment is being effectively repealed. It has a more civilized veneer this time.

[bitterohiogunclinger]

“This is a state whose politicians, public sector unions and advocacy groups have been living in a fantasy world of overspending, investment-deadening taxation and job-killing regulation.”
And all of the aforementioned groups know that is the problem, and their only solution is to do more of it. The only thing more insane is the voters are stupid enough to elect them, except for the Hollywood elites, who are in a class unto themselves when it comes to stupid.

[4Liberty]

What’s amazing is dems don’t see the zero-sum game they are playing: Tax people in different states, Calif included, — only to RETURN that same money back to the state(s) to bail out the states,, minus the Fed’s cut.

oops - Negative-sum game come to think of it.

It’s all about bailing out unions unsustainable entitlement demands. Greedy. And, Dems get a CUT of these entitlements, since unions contribute annual political dues religiously to their upcoming campaigns.

Corrupt? Conflict of interest? Naw........

I just love giving taxes to public unions, to assure dems campaign war chests stay full.

s/

[Ben Reyes]

‘If not now, WHEN? If not CALIFORNIA....?’

[dragnet2]

IT’S ON! REVOLT, RECALL & REPEAL!

2009 Tax Revolt is on!

Make your voice heard!

Join John and Ken Saturday March 7, from 3-6 PM Doors open at 3, live broadcast 4-6

The Slidebar Café is located in the Fullerton, California Transportation Center. Take your car, take the train or take the bus. Whatever you do take the time to come out and be heard!

Plenty of free parking

For directions http://www.kfiam640.com/pages/johnandkenshow/

Go to site to print out fliers

*********Take it to the streets*********

[gost2]

Yes and can we stimulate the fault somehow and drop them into the sea? Where do I contribute?

[apocalypto]

YES!

California's problem is from the illegal aliens and lazy immigrants wanting handouts.

[Chuzzlewit]

we deserve this money.. our people are suffering. wah wah wah...sniffle.. whine.

:^P........ god I hate this state. I guess it’s love/hate. I hate the dems in our legislature. And I hate the machine that continues to vote them into power..

God, I miss Ronald Reagan.

The conservatives need the next Barry Goldwater, or of course, the next Ronald Reagan.. And I fear, as much as I like Bobby Jindal, he is just not the man. We need a mans man.. A strong powerful presence.

As for the Tax money going to Cally.. it’s probably going to happen.. This will all play out, probably for 8 years, and then we get another turn.. We need to find someone worthy.

[Cheetahcat]

Yes hell yes!

[ProtectOurFreedom]

Fiscal irresponsibility in CA? Hardly. Why the voters just passed a $10B measure to build a high speed train, San Jose just passed $6M to rebuild San Pedro Square and my little town of 25,000 people is planning a $150 M civic center project. It’s business as usual for the pols, spend, spend, spend. Nothing stops them.

[Joan Kerrey]

Politicians will spend and spend and spend as long as there is one dollar available from somewhere by someone even if it’s only a promise. The only solution is to starve them to death. Many of us are willing to see a total state shutdown if necessary. It’s the only thing that might force government to live within it’s means. Why these crooks and inept monkeys get elected over and over again really puzzles me. Californians voted these creeps into office so I guess we deserve the results. Sad, sad, sad!!!

[dennisw]

California’s largest expense is salaries and and pensions and benefits. These allegedly inviolate contracts can only be re-opened in a bankruptcy. So that’s what I’d like to see

I’m a fair person and want to see California state employees to be on the same level as average Californians. Same where I live

[kinsman redeemer]

Should We Let California Go Bankrupt?

Much of the nation is already morally bankrupt.

[Amerigomag]

I’m a fair person and want to see California state employees to be on the same level as average Californians

Just what does that mean?

What does on the same level mean?

What is an average Californian.

Modally, that means a Mexican anchor baby or the progeny of a Mexican anchor baby.

Financially, California State employees are in the upper 1/3 of personal income in California. Many union members (CTA, COU) are in the upper 25% of personal income.

[jrd]

lets just vote them out of the UNION!