One of the country's most struggling states is California. Despite its proximity to growing powers China and India, its economically supportive weather, and its plethora of great colleges: Stanford, CalTech, etc., California is being strangled by its liberal legislature and courts. While the heavily conservative and libertarian "Great Plains" have best weathered the recession, California is becoming the first US "debt state".
http://www.investors.com/NewsAndAnalysis/Article/552810/201011041910/The-Golden-State-Still-Doesnt-Get-It.htm
You wouldn't want to miss this chance to think about California's fiscal challenges:
ReplyDelete- this year's budget is aobut $18 Billion in the red (20-25% of annual budget)
- $70 Billion is owed in general obligation debt
- there is an unfunded pension debt of about $500 Billion
This is what the lt-governor elect said in his victory speech:
"We're nothing but a mirror of our consistent thoughts. You tend to manifest what you focus on. If you look around for what's wrong, you'll find it. But as all we know up here in San Francisco, when you focus on what's right, you see it all around you. . . . There is absolutely nothing wrong with California that can't be fixed by what's right with California. . . . If you're from another state, you'd love to have the problems of California."
http://pajamasmedia.com/victordavishanson/californias-rock-and-hard-place/
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