Walter E. Williams
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