California appears to be well on its' way to another "social experiment" gone wrong, Detroit. Foreclosures, 2nd highest in nation, terrorist unions and unending social "obligations". Many of these obligations, mandated by the Federal Gov't, arrive at State's doorsteps unfunded. California is learning, well too late, the money well can run dry. Now we have the Governator appealing to D.C. to lighten their load.
California’s deficits show how local governments are being forced to chose between raising taxes or cutting more funding for schools, health care and other programs, even as the economy is emerging from the recession that began in December 2007. The nascent recovery has yet to produce any job gains, a drag on states that rely on income and retail sales taxes.
Is anybody learning anything here? LBJ's "New Society" is still working to produce yet another generation of government-dependent sheep and a new cadre of "poverty pimps" whose livelihood depends on a continual crop of new downtrodden.
Rest of story on
Bloomberg Online.
