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California Gets Closer and Closer to Bankruptcy

by Jeff Davis

California is coming closer and closer to implosion. It may beat Illinois yet as the first American state simply to collapse under the weight of the Obama Depression and the burden of a non-White majority. Bloomberg News reports: “California Governor Arnold Schwarzenegger said 150,000 government workers must begin taking time off without pay starting Aug. 20 following a court ruling lifting an injunction temporarily blocking the furloughs. The California Supreme Court, saying it would review the governor’s plan, stayed decisions by lower courts that had halted the furloughs. Schwarzenegger directed state workers to take three unpaid days off each month to save cash. The high court set a Sept. 8 hearing on a challenge to the order.”

The furloughs -by the way- are the most wimpy measure to deal with California’s problems. Scwarzenegger is also looking at reducing nearly 200,000 workers to minimum wage. Unfortunately deporting or making life uncomfortable for millions of illegal aliens appears to be off the table.

The Bloomberg article notes “California began its fiscal year on July 1 without a spending plan after Schwarzenegger and Democrats who lead the legislature remained deadlocked over how to fill a $19.1 billion deficit. The Republican governor on July 28 issued an executive order for the monthly furloughs until a budget is passed. ‘The result of the Supreme Court ruling today means that the furloughs will continue until the court says otherwise,’ Aaron McLear, a Schwarzenegger spokesman, said by e-mail. A union for state engineers has sued to block the plan.”

Okay, let’s assume for the sake of argument that Schwarzenegger and the Democrats do come up with some way to borrow more money that will halt the furloughs But how long can that sort of borrowing go on? Year after year? Productive White people are already fleeing the state, often taking their businesses with them. No sane White person likes being surrounded by a sea of brown people, not to mention the crushing taxes.

The only plan governors like Schwarzenegger appear to have is for the Feds to bail them out. Just recently, Obama paid out $26 billion, hoping that no state bankruptcies will take place until after the November election.

But what will prevent the federal government from going bankrupt? It’s already running an enormous deficit every year as well as squandering $787 billion on a stimulus bill and $700 billion on TARP bail outs. The National Debt is a staggering 13.3 trillion dollars. We are literally following in the footprints of Zimbabwe. We even have an African president leading us to a looming financial disaster. How appropriate.

Okay, maybe Ahnold and his team will pull off one more save. How about 2011? How about 2012? How about 2013? You get the idea.

When you don’t have enough money to pay your bills, you must either increase your income or cut your spending. This is the iron law that none of these Democrats seem to be able to wrap their minds around. Instead they play desperate juggling games. Sooner or later they’re going to drop all the balls, and that time may well be visible on the horizon now.

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