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Revenues are down. The deficit is $36 billion and total debt is over $600 billion. Cities around the State are planning to cut police and firefighters.
Schools are planning to cut teachers and the number of days classes are operative. Our water supply is controlled by courts and is in limited supply. Unemployment officially is over 12% and real unemployment is over 20%.
I could go on, but you get the point--California is bankrupt.
"Federal law prohibits states from declaring bankruptcy and without a legal framework, assertions about California's solvency are left to interpretation. But persistent multibillion-dollar budget deficits, cash crises, tens of billions of dollars in debt and other obligations have blurred the legal distinction.
"California is deeply in debt. You could say that it's bankrupt," Attorney General - and presumptive Democratic gubernatorial candidate - Jerry Brown told a group of young Democrats earlier this month."
No amount of bailout will solve the problem; bailouts only make the problem worse, by putting others in debt for our corruption and incompetence.
It is time to face the truth and change our budget.
More...
Schools are planning to cut teachers and the number of days classes are operative. Our water supply is controlled by courts and is in limited supply. Unemployment officially is over 12% and real unemployment is over 20%.
I could go on, but you get the point--California is bankrupt.
"Federal law prohibits states from declaring bankruptcy and without a legal framework, assertions about California's solvency are left to interpretation. But persistent multibillion-dollar budget deficits, cash crises, tens of billions of dollars in debt and other obligations have blurred the legal distinction.
"California is deeply in debt. You could say that it's bankrupt," Attorney General - and presumptive Democratic gubernatorial candidate - Jerry Brown told a group of young Democrats earlier this month."
No amount of bailout will solve the problem; bailouts only make the problem worse, by putting others in debt for our corruption and incompetence.
It is time to face the truth and change our budget.
More...