Some states are much worse than others.
California, with 12 percent of the nation’s population, has 30 percent of the nation’s welfare recipients.
The percentage of unionized public employees in California is 20% higher than the national average.
In California the state’s public-safety workers retire with a pension equal to 90% of their salaries if they had served at least 30 years.
I could go on, but why bother. Read it for yourself.
Who killed California?
http://www.nationalaffairs.com/publications/detail/who-killed-california
I agree it’s good if California fails as a lesson to every other state — but California will be deemed ‘too big to fail’ and the rest of us will be called upon to bail out the nation’s worst offender.
Second, In the face of economic disaster voters in this state went hard left thinking more of the same will magically fix things while essentially the rest of the country went hard right.
Third, California cannot be “bailed out”. It simply can't be done. Any bailing will only slow the sinking ship while its being done. The water is rushing in because or leftest leaders refuse to plug the huge economic holes, unions, illegals, etc while at the same time pushing its business tax base out of the state as fast as it can.
Forth, California is going to go bankrupt. Technically it already has when it started issuing IOU’s. It became insolvent at that time.
Last, the only issue for California at this point is will our “leaders” do anything to manage it, to minimize the damage or will they simply ride it all the way down until the final say is by a judge liquidating California's obligations.