California is beyond bankrupt.
The democrats think increasing taxes and spending is going to solve the problem.
California is a state with a state income tax of over 13%.
More and more productive people and business will leave.
At some point in the not too distance future - California is going to DEMAND a federal bailout.
But no one in the media will blame the democrats and liberalism....
Unfortunately with Baraq in charge, Ca, Il, and NY will likely be able to issue state bonds with federal guarantees.
Illinois governor (surprise!) has already started talking about having the fed taxpayers guarantee their catastrophically underfunded state pensions.
http://www.zerohedge.com/news/piigs-america-illinois-preparing-request-federal-bailout
It’s going to possibly bankrupt faster when it taxes the heck out of itself with the healthcare costs and the carbon tax.