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(BLOOMBERG) California’s Nightmare Will Kill Obamanomics

 
Anonymous Coward
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United States
07/06/2009 12:01 PM
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(BLOOMBERG) California’s Nightmare Will Kill Obamanomics
[link to www.bloomberg.com]
SNIP

July 6 (Bloomberg) -- Last week, we discovered that the state of California will gladly pay you Tuesday for a hamburger today.

With California mired in a budget crisis, largely the result of a political impasse that makes spending cuts and tax increases impossible, Controller John Chiang said the state planned to issue $3.3 billion in IOU’s in July alone. Instead of cash, those who do business with California will get slips of paper.

The California morass has Democrats in Washington trembling. The reason is simple. If Obama’s health-care plan passes, then we may well end up paying for it with federal slips of paper worth less than California’s. Obama has bet everything on passing health care this year. The publicity surrounding the California debt fiasco almost assures his resounding defeat.

It takes years and years to make a mess as terrible as the California debacle, but the recipe is simple. All that you need is two political parties that are always willing to offer easy government solutions for every need of the voters, but never willing to make the tough decisions necessary to finance the government largess that results. Voters will occasionally change their allegiance from one party to the other, but the bacchanal will continue regardless of the names on the office doors.

California has engaged in an orgy of spending, but, compared with our federal government, its legislators should feel chaste. The California deficit this year is now north of $26 billion. The U.S. federal deficit will be, according to the latest numbers, almost 70 times larger.



Last Edited by Account Deleted by User on 09/27/2011 12:38 PM
Anonymous Coward
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07/06/2009 12:12 PM
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Re: (BLOOMBERG) California’s Nightmare Will Kill Obamanomics
They can jump off the cliff with the president, or they can stay true to the principles that they have espoused throughout their careers.




HAHAHAHAHAHA. Their principles are : FUCKING THE AMERICAN PEOPLE UP THE ASS.
Anonymous Coward
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07/06/2009 12:13 PM
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Re: (BLOOMBERG) California’s Nightmare Will Kill Obamanomics
Palin 2012

flag waver
Freethinker

User ID: 719481
United States
07/06/2009 12:20 PM
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Re: (BLOOMBERG) California’s Nightmare Will Kill Obamanomics
There are some problems in this world. The hole can't be filled.

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