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California is in the middle of a Great Depression. We have historic high unemployment, a $40 billion deficit this year and a minimum of $20 billion next. AB 32 is assuring continued job and revenue losses.
"Although Greeces output is just three percent of the European Union economy, its financial collapse roiled continental markets and required an international bailout package. Imagine what would happen to U.S. markets if California, which is 17 percent of the national economy, experienced a Greek-style implosion.
Far-fetched? Consider the similarities.
California and Greece have roughly similar GDP output ($333 billion and $343 billion, respectively), as well as similar debt levels ($500 billion and $552 billion, respectively). But that only includes state debt for California. When you factor in Californias 17 percent stake in the U.S. economy, which is saddled with $8 trillion in debt, the states total debt liability is over $1 trillion." Let us not forget that California already has its' own debt of approximately $800 billion, when you add in the unfunded liabilities of pension plans and the billions stolen from trust funds to cover previous deficits.
The only question is when will the children of Sacramento admit there is nothing left to tax, the Democrats refuse to get rid of the corrupt unions, and the people say that policies that make no sense, based on lies, fears and smears, need to go?
More...
"Although Greeces output is just three percent of the European Union economy, its financial collapse roiled continental markets and required an international bailout package. Imagine what would happen to U.S. markets if California, which is 17 percent of the national economy, experienced a Greek-style implosion.
Far-fetched? Consider the similarities.
California and Greece have roughly similar GDP output ($333 billion and $343 billion, respectively), as well as similar debt levels ($500 billion and $552 billion, respectively). But that only includes state debt for California. When you factor in Californias 17 percent stake in the U.S. economy, which is saddled with $8 trillion in debt, the states total debt liability is over $1 trillion." Let us not forget that California already has its' own debt of approximately $800 billion, when you add in the unfunded liabilities of pension plans and the billions stolen from trust funds to cover previous deficits.
The only question is when will the children of Sacramento admit there is nothing left to tax, the Democrats refuse to get rid of the corrupt unions, and the people say that policies that make no sense, based on lies, fears and smears, need to go?
More...