I know several filed for bankruptcy protection of late, with the last month being particularly disturbing. Stockton and San Berindino are the most significant population wise.
California, as a whole, is the epitome of tax and spend liberalism run amok. What I find even more troubling is that the White House somehow thinks that California's economic model is a shining example of how to run fiscal affairs. If something is not done to stop Obama and his cohorts, what California is experiencing regionally will be realized on a national level.
I simply fail to understand it. Its NEVER been a mystery what the ultimate outcome of these types of fiscal polices will be. It will be our children and grandchildren who pay the price if we do not put a stop to this senseless and illogical economic stance.
*Article from the LA times on California's economic state (I would post the Wall Street Journal, but liberals are convinced the WSJ is a shill):
http://www.latimes.com/news/o...
Will Compton be the next Liberal City in California to declare bankruptcy?
☆ElenaDiamond☆
2012/07/19 14:09:54
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6 votes
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Compton this week became the latest city in California to find itself on the brink of bankruptcy, and as with others in crisis, much of the blame lies with questionable financial practices.
City officials announced that Compton could run out of money by summer's end, with $3 million in the bank and more than $5 million in bills due.
A longer-term problem is a $43-million deficit that the city amassed after years of improperly using money from water, sewer and retirement funds to balance its general fund. Compton will have to pay the money back at a time when it has no reserves and has been frantically cutting costs.
City officials announced that Compton could run out of money by summer's end, with $3 million in the bank and more than $5 million in bills due.
A longer-term problem is a $43-million deficit that the city amassed after years of improperly using money from water, sewer and retirement funds to balance its general fund. Compton will have to pay the money back at a time when it has no reserves and has been frantically cutting costs.
Read More: http://www.latimes.com/news/local/la-me-0719-compt...
California, as a whole, is the epitome of tax and spend liberalism run amok. What I find even more troubling is that the White House somehow thinks that California's economic model is a shining example of how to run fiscal affairs. If something is not done to stop Obama and his cohorts, what California is experiencing regionally will be realized on a national level.
I simply fail to understand it. Its NEVER been a mystery what the ultimate outcome of these types of fiscal polices will be. It will be our children and grandchildren who pay the price if we do not put a stop to this senseless and illogical economic stance.
*Article from the LA times on California's economic state (I would post the Wall Street Journal, but liberals are convinced the WSJ is a shill):
http://www.latimes.com/news/o...