California has been run by incompetent fools for decades. Soon, the price must be paid. David Friedberg goes on an epic rant.
California has been run by incompetent fools for decades. Soon, the price must be paid. David Friedberg goes on an epic rant.
California will just raise taxes.
Put forth legislation that allows a state to go bankrupt, and return to territory status until such time as their debts are paid off, and they can be responsible enough to allow for their own government again, in about 50 years or so.
I once read that one of the states which begins with an “M’ (I am thinking Missouri, but I could be wrong) did go bankrupt over 100 years ago. Since then, no one trusts them and they MUST live with balanced budgets and cannot borrow money. Mind you, I do not think that is a bad idea, as I have always lived by the motto to “pay your bills on time and do not spend money which you do not have!” This way of life has saved me so much stress and time over the last 30 odd years.
If AB and SK ever do separate, then all other provinces and territories will have scale back their budgets dramatically and live within their means, I was born in 1952, but even as a little kid, people and governments lived within their means in the 1950’s.
It’s not just Californica. The United States of America is $47 trillion in debt (and climbing) and that’s not counting unfunded liabilities.
They are so totally bankrupt, why has their currency not collapsed?
This cannot go on. When (not if) it crashes, the consequences will be horrific, and the whole world will crash along with them. Mankind has never seen anything close to the disaster that will follow.
Yep. It will be cataclysmic indeed.
Well, the debt to GDP ratio is what is important. Funny thing is, Canada is not that far behind the U.S., but Canada is stumbling along and the other thing that is important is the consumer debt and Canada’s consumer debt is MUCH higher than that of the U.S. There are some countries with lower debt per capita than the U.S., but most of them have much higher consumer debt.
Newsom will likely sell the state to China before the end of his term.
For firewood.
Such a deal!