In response to:

A Modest Proposal

evie10 Wrote: Oct 10, 2012 10:24 PM
I thought all states had to have balanced budgets. How does CA get a bye on this?
Chris from Kalifornia Wrote: Oct 18, 2012 11:38 AM
They sell bonds. They borrow money to pay off the bonds. They sell more bonds to pay off the borrowed money they used to pay off the earlier bonds. It's just like the old credit card trick where you switch cards and balances to new cards who have temporary low rates. Eventually you stop getting offers and it bites you in the buttocks.
California was once the land of opportunity, but it is going down the tubes. Several of California's prominent cities have declared bankruptcy, such as Vallejo, Stockton, Mammoth Lakes and San Bernardino. Others are on the precipice, and that includes Los Angeles, California's largest city. California's 2012 budget deficit is expected to top $28 billion, and its state debt is $618 billion. That's more than twice the size of New York's state debt, which itself is the second-highest in the nation.

Democrats control California's Legislature, and its governor, Jerry Brown, is a Democrat. California is home to some of America's richest people and...