California's nightmare will kill 0bamanomics

[franksolich]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTKrn1jUJwdE

Oh my.

This is why I privately think the whole thing's going to crash, due to its sheer weight.

I have no idea what would happen after the collapse, other than that it will be consequences and outcomes not sought, or anticipated, by the stimulus and free-medical-care-for-all enthusiasts.

This is an excellent article; I suggest it be read in its entirety.

California’s Nightmare Will Kill Obamanomics

July 6 (Bloomberg) -- Last week, we discovered that the state of California will gladly pay you Tuesday for a hamburger today.

With California mired in a budget crisis, largely the result of a political impasse that makes spending cuts and tax increases impossible, Controller John Chiang said the state planned to issue $3.3 billion in IOU’s in July alone. Instead of cash, those who do business with California will get slips of paper.

The California morass has Democrats in Washington trembling. The reason is simple. If Obama’s health-care plan passes, then we may well end up paying for it with federal slips of paper worth less than California’s. Obama has bet everything on passing health care this year. The publicity surrounding the California debt fiasco almost assures his resounding defeat.

It takes years and years to make a mess as terrible as the California debacle, but the recipe is simple. All that you need is two political parties that are always willing to offer easy government solutions for every need of the voters, but never willing to make the tough decisions necessary to finance the government largess that results. Voters will occasionally change their allegiance from one party to the other, but the bacchanal will continue regardless of the names on the office doors.....

[thundley4]

The last paragraph does offer a glimmer of hope.

Given the increasing public concern about deficits that heightened significantly last week because of the California crisis, there are only two possibilities left. Either the Obama plan will come crashing down or Senate Democrats will concoct some bill that has health in the title but costs almost nothing and does even less. With Al Franken arriving in the Senate and providing Democrats with a crucial 60th vote, the latter seems most likely.

On a side note. I am getting tired of seeing so many articles, (not this one), blaming all of California's problems on Prop 13, and not on the overspending done by politicians.

[Wineslob]

blaming all of California's problems on Prop 13,

All too true. Typical LIBtard tactic, if we can't get our house in order, blame the voters.