5 Graphs That Show How Crazy It Is to Compare California to Greece

The Atlantic ^ | 08/10/2012 | Jordan Weissman

[SeekAndFind]

At a campaign stop yesterday in Iowa, Mitt Romney tossed out a laugh line that seemed to neatly sum up the core of conservative fears about our future as a country. "Entrepreneurs and business people around the world and here at home think that at some point America is going to become like Greece or like Spain or Italy," he said, before adding, "or like California -- just kidding about that one, in some ways."

Every good joke is supposed to have a little kernel of truth to it. And we all know that, in their most feverish nightmares, conservatives imagine the U.S. transforming into a giant version of the Golden State, with its big spending government, constant budget battles, aggressive regulators, and powerful unions. And the next step from there: the Mediterranean! (Cue the threatening Flamenco).

But is California really our very own economically nutty slice of Europe? Does it deserve to be lumped in with the black seep of the global economy? In short, no, not even close. If anything, Greece, Spain, and Italy would love to be in as good shape as California right now.

I'm not an expert in state finances, so I called up Standard & Poor's analyst Gabriel Petek for a tutorial. Last year, Petek published a report waiving off comparisons between California and Greece. Today, he says, the comparison is just as "superficial."

[detective]

“The fatal conceit of many critics is assuming the left doesn't know or understand”

The people in the Obama Administration and the left in general understand that they are destroying our great country. The author seems like a useful idiot to me. He is just parroting things he has been told to say.

[fifedom]

To see this is a load of crap, just look at the last graph. It claims CA had a budget surplus in 2011. Hah-hah-hah-hah ... (I just fell off my chair laughing).

This so called analyst from Standard and Poors is from the same bunch that gave AAA ratings to the pools of subprime mortgages in 2007. They also say CA has a decent credit rating.

This is just more of the same coverup from the lamestream media for the Rats. Nothing to see here. Just move on (to coin a phrase ;-)

[smokingfrog]

Payrolls Climb in 29 U.S. States, Led by California

[Godzilla]

wow, for one month, still doesn’t counter the mega exodus of business from kalifornia. Doesn’t state just what sector grew - probably service sector. Double digit unemployment, upwards of 20%+ in some areas. an increase of 38,000 jobs barely makes a dent.

[Del Rapier]

California has tended to follow the same forms as Europe,that includes the same kind of social cohesion and pressure towards those who reject liberal ideals.Treating them as if they are mentally deficient or just plain stupid.

Of course with Europe imploding due to its embrace of socialist ideology,you will see California brand itself as a State parroting the American dream.

Reality is the State has no ability to raise revenue,an enormous reliance on government handouts to fund any kind of research and serious demographics issues that have lead to a climate of just ugly petty hatred.It can’t control illegal immigrants,it can’t control those who hate them and it sure as hell isn’t doing anything about State Politicians breaking the law.

In the end,much like Europe those who ought to be truly following the laws realize they can get away with pretty much anything.So that is exactly what they do.