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The State has hundreds of billions in unfunded pension liabilities. In the past seven years we have created over $165 billion in deficits. A few weeks ago we tried to borrow another $10 billion dollars, but we are so noncredit worthy could only get $6 billion.
But, we are the Worlds 8th largest economy. The size of the economy does not matter--ask Ireland, Greece, Spain, Italy, the city of Vallejo.
When your spending is out of control, taxes high, regulations killing jobs, who cares about being 8th largest--you are still a deadbeat, just a very large deadbeat.
The numbers are simple--we are bankrupt and we are NOT too big to fail--we already have.
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But, we are the Worlds 8th largest economy. The size of the economy does not matter--ask Ireland, Greece, Spain, Italy, the city of Vallejo.
When your spending is out of control, taxes high, regulations killing jobs, who cares about being 8th largest--you are still a deadbeat, just a very large deadbeat.
The numbers are simple--we are bankrupt and we are NOT too big to fail--we already have.
More...