Because they're 8 BILLION DOLLARS SHORT! I mean, imagine how bad that would have been had they NOT passed the new taxes?
So California refuses to come to the realization that taxing those in the top tax bracket, taxing businesses heavily, increasing sales taxes on everyone, doubling the car tax, and taxing our taxes (literally), will not increase revenue.
No, California's cunning strategy of tax and spend and tax and spend and spend and tax and tax and tax is somehow failing to balance the budget.
Clearly there is only one, unprecedented, course of action...
BANKRUPTCY.
Start over with a clean slate. Throw away all the irresponsible union contracts, flush the politicians, and START OVER.
It's the only way.
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2 comments:
I think that BK is actually constitutionally impossible and can't legally be done by the state.
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter9.html
IMO the bankruptcy they're trying to achieve is of us the Citizenry.
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