California have a $26 billion budget gap and are out of loans. Now they want to issue IOUs as they predict running out of cash at the end of July.
So one of the most liberal states is having the worst problem. Surprised? California has everything going for it: It's got a nice coast, waterways, farmland, tourist attractions. There's
How they got there should be a warning to the rest of the country. They increased spending to meet politicans fancy and raised taxes to pay for it. A smaller percentage of the population were financing all that largesse. The business and people that paid the taxes left, while spending continued to increase.
California could get out of the budget mess by cutting spending, but none of the politicans want to do that. So they dream about raising revenue, through MORE taxes, yet the people of California are tired of it.
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