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Mark the calendar--either August 27 or August 30 the State of California will admit it is totally out of money and will start issuing IOU's.
California is broke. Our revenues are down and spending is over the top by a billion dollars. We do not have a budget and might not till after the Rose Bowl Game. Then after a year where the total deficit was $40 billion, we start the new budget year with a billion dollar deficit that is expected to grow to at least $20 billion. This is after a six year total of $140 billion in deficits.
California is in a Great Depression, the Sate is broke, unemployment is 12.2%, and the real rate is over 20%.
It is time for a regime change, elected officials and agency leaders, in November. Otherwise you will spell California, Greece.
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California is broke. Our revenues are down and spending is over the top by a billion dollars. We do not have a budget and might not till after the Rose Bowl Game. Then after a year where the total deficit was $40 billion, we start the new budget year with a billion dollar deficit that is expected to grow to at least $20 billion. This is after a six year total of $140 billion in deficits.
California is in a Great Depression, the Sate is broke, unemployment is 12.2%, and the real rate is over 20%.
It is time for a regime change, elected officials and agency leaders, in November. Otherwise you will spell California, Greece.
More...