[quote]UtahLama wrote:
This is a problem for everybody, because like it or not…if California goes down, so does the U.S.[/quote]
Even if this were true it would be a good thing.
Debt is a burden and when the burden gets too big bankruptcy needs to be declared so that bad assets can be liquidated and redirected to more valuable ends.
It will be bad for bureaucrats and the “entitled class” but good for everyone else.[/quote]
The problem is states cannot legally declare bankruptcy, and neither can the U.S.
Good idea in theory though.[/quote]
They don’t have to declare bankruptcy formally; they just have to default on their payments and allow a sell-off of bad assets.
[quote]MaximusB wrote:
…Just 13 more days, and my taxes drop by a shit ton…[/quote]
Are you moving, Max…or is something else going on in California?
Mufasa[/quote]
The “temporary” tax increases will expire, so all the taxes drop on July 1. That is the drama going on here, Dems want to extend the tax increases for only 5 years…yes “only” for 5 more years. They were passed 2 years ago, so that would have been a 7 yr tax increase.
Cities can file for bankruptcy, Vallejo did it here. They did it, voided all Union contracts, and hope to start over. So it would have to be done on a city by city level I think.
[quote]MaximusB wrote:
If there is anything to be learned from this, it’s that California is the best test case for how massive Liberal policies, huge entitlement programs, huge Union numbers lead the state to bankruptcy.
[/quote]
It’s not just progressive policy, it’s all goverment policy. There is nothing conservative about the Republicans and the Democrats aren’t even standing in the shadow of liberalism. The two major parties are heads and tails of the same coin. No choice, just a lack of options!
[quote]MaximusB wrote:
If there is anything to be learned from this, it’s that California is the best test case for how massive Liberal policies, huge entitlement programs, huge Union numbers lead the state to bankruptcy. [/quote]
This is sort of off topic but isn’t it interesting that the places with the largest amounts of capital accumulation also seems to have the largest amout of “political accumulation” as well…?
It’s almost as if politicians are lured in to feed at the trough of plenty that capitalism provides and at the same time seek to undo it.