Sorry California, but the rest of us are tired of your BS:
A smattering of California voters on Tuesday soundly rejected five ballot measures designed to keep the state solvent through the rest of the year.
The results dealt a severe setback to the state’s fragile fiscal structure and to Gov. Arnold Schwarzenegger and the state legislators who cobbled together the measures as part of a last-minute budget deal passed in February.
The measures, which would have prolonged tax increases, capped state spending, earmarked money for education and involved the state in a complex borrowing scheme against its lottery, were rejected by roughly 60 percent of those who voted. The failure of the measures, combined with falling revenues since the state passed its budget, leaves California with a $21 billion new hole to fill, while foreclosure rates and unemployment remain vexing problems here.
“Tonight we have heard from the voters, and I respect the will of the people who are frustrated with the dysfunction in our budget system,” Governor. Schwarzenegger said in a prepared statement. “Now we must move forward from this point to begin to address our fiscal crisis with constructive solutions,” Mr. Schwarzenegger said.
You are a state DOMINATED by Democrats, yet plague us all with the craziest Republicans in the country in Congress, you are lagging behind Iowa in terms of civil rights, and you consistently refuse to outvote the smattering of fanatical anti-tax Republicans who show up to vote down any ballot initiative to balance your budget. Can anyone give me reasons I should feel sympathy?
Right now I tend to agree with McMegan:
There is a surprisingly sizeable blogger contingent arguing that we have to bail them out because however regrettable the events that lead here, we now have no choice. But actually, we do have a choice: we could let them go bankrupt. And we probably should.
I am not under the illusion that this will be fun. For starters, the rest of you sitting smugly out there in your snug homes, preparing to enjoy the spectacle, should prepare to enjoy the higher taxes you’re going to pay as a result. Your states and municipalities will pay higher interest on their bonds if California is allowed to default. Also, the default is going to result in a great deal of personal misery, more than a little of which is going to end up on the books of Federal unemployment insurance and other such programs.
Nothing is going to change until they bottom out.
*** Update ***
Good comments, although a lot of you say I am full of it and don’t understand anything. Here is what I think I understand- your budget grows every year yet it is never enough, you have a fanatical group of Republicans who gum up the budgetary process, but your legislature is so gerrymandered and the 2/3 vote required for tax issues makes it possible to change anything, all the while many of the Democrats are also happy with nothing changing because they are in safely gerrymandered seats and completely beholden to union interests. Is that close?
Sounds like the only thing that can be done is to burn the government to the ground and rebuild.