"The day of reckoning has arrived" Gov Chris Christie
Tuesday, December 21, 2010
The next financial crisis - The States are Broke
Actually many are beyond broke. Illinois is $6 Billion in the hole, California nearly $20 Billion. After decaides of lavish pay, benefits and retirement benefits nearly all states are experiencing huge budget deficits. 60 Minutes highlighted this on Sunday and it is sobering. Wow:
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3 comments:
I have known for some time that California, Illinois, and New York were in really bad shape financially. And I knew that a big part of the stimulus was about bailing out the states that were in trouble.
I keep watching California to see if they show signs of dealing with the issue and have yet to see it. Just yesterday I read about California's plans for high speed rail. When Wisconsin and Ohio turned down federal money to build their portion of high speed rail, part of that money was given to California. The problem is that the state has to match a certain percentage. They have to spend money they don't have to get the federal money. I don't think anyone in California, not even the voters, recognizes the dire situation they are in. If they did they would quit voting in the same cast of characters.
The left cannot see the truth because they believe they are the truth - tellers-so- they will never change-
CA is so full of the left - that it will go the way of one of the first leftist states-Michigan esp Detroit...
(house for a $1.00 anyone!)
C-CS
yeah and here's a kicker I heard on the news today that I didn't know about. In Cali..the state workers [union of course] pensions are fully 100% funded by the Cali taxpayers. The workers don't put a dime into their own pensions. Cali teachers? 80% funded by the taxpayers. conservative lawmakers in cali tried to pass a law that would drop that 80% to 50% it was defeated same with a similar bill for state union workers pensions. Proof positive that UNIONS are the problem. That and liberal lawmakers who never saw a dime they WOULDN'T spend.
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