No. of Recommendations: 2
>> With a population of about 38 million, CA has the world's 8th largest economy and is too large to fail. Obama will eventually bail CA out, with certain restrictions and requirements. One thing that has to happen is a change to the state constitution, which requires a 2/3 majority of the legislature to raise taxes. There are only two other states that have this requirement, Rhode Island and Arkansas. The main problem is the dysfunctional legislature, which allows the minority party to stonewall any solutions that require an increase in revenues to balance the budget. <<

So inability to control spending has nothing to do with it? It's all the fault of those who won't allow taxes to be raised to the moon?

Usually a serious deficit needs a combination of both increased revenue AND reduced spending, and I think if someone doesn't recognize that, they probably have ideological blinders on.

#29
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.