Tuesday, December 2, 2008

California DeathWatch (Part Seven)

California is too easy to pick on these days, which is why the California DeathWatch has not become a running item. It is so obvious that California is headed for bankruptcy and receivership, why dwell on it?

But we might as well document the fall of the Golden State with a few stories of the ongoing collapse. It is a microcosm of what the U.S. is facing as a whole:

Schwarzenegger Calls Fiscal Emergency in California - Dec. 1 (Bloomberg) -- California Governor Arnold Schwarzenegger, saying his state is going broke, declared a fiscal emergency and ordered the incoming class of lawmakers into a special session to fix a widening $11 billion deficit...

Heedless votes for bonds dig hole deeper - If you think this year's state budget struggles have been long running and difficult, with plenty of sacrifices in store for almost all Californians, just wait until next year, which begins in about a month.

For however bad the situation was before the November election, it is now at least $1 billion worse. That's not $1 billion in optional spending, not $1 billion in lost revenue, but $1 billion the state will have to pay next year and every subsequent year for the next three full decades...

I would suggest, as an action item, reviewing what, if any, state benefits you receive - either in payments, salary, police protection, etc. and ask yourself how your life is going to change when your state follows California into the abyss.

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