How The Mighty Have Fallen
Starting with the gold rush of 1848-1852, Americans flocked to the West Coast to find gold, and ever since then, California has been the fabled land of opportunity, or at least of dreams.
These days though, with a budget deficit of $24bn, it’s been something more of a nightmare.
Thanks to copious amounts of spending for too long - both on the part of the government and the citizens - and now with an 11.5% unemployment rate as of May, California just isn’t looking as shiny as she used to. Too much time spent keeping up with the Joneses apparently leaves you with a serious lack of Benjamins.
And that leaves the state in an embarrassing and historic spot of trouble: It will have to issue IOUs.
“On Wednesday we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression,” State Controller John Chiang reported. “Unfortunately, the state’s inability to balance its checkbook will now mean short-changing taxpayers, local governments and small businesses.”
He forgot to add the Federal government to that list. In the past, California has given the larger country monetary assistance for its programs designed to help the elderly and developmentally disabled. But seeing as how it doesn’t have money to help itself out, it can’t very well help out anybody else, now can it?
Governor Arnold Schwarzenegger might finally have gotten an inkling as to what caused this whole mess, as he promised to “veto any majority vote tax increase bill that punishes taxpayers for Sacramento’s failure to live within its means.”
Or maybe he’s just learning from the best out there in saying one thing while he intends to do quite another.
Tuesday, June 30, 2009 - by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research
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