If California Goes Broke, Will American Taxpayers Pick Up The Tab?

Brian, When Arnold first got elected, he said he was going to "open the books" and find out where all the money went. I do not believe he ever did that. I think this would be a good time to keep that pledge, because, where has all our money gone? Does anybody know? It would be interesting to find out.

I have a friend that used to work for the State of Claifornia. He retired 3 years ago with a $4000.00 a month pension and full coverage health care at a whopping cost of $10.00 dollars a month. It doesn't take a math giant to figure out what's going wrong. It's time to look at these retirement packages and bring them more into reason. I used to work in the steel industry, and my 20 years of service netted me $267.11 a month and NO health benifits. The taxpayer CANNOT substain the burden being placed upon them--ever heard of the Goose that laid the Golden egg ???

Since the 80's the influx of illegal immigrants, and absolutely no accountability to collecting taxes (loss revenue)from there growing numbers has taken its toll! Hospitals have gone bankrupted,social services have been strained to the beaking point to facilitate these illigals,and the bulk of government subsidized programs ie.) food stamps, cash stip's etc.have helped out only the bottom line of the exploiter's ,and enablers of this sad situation! PS This is not an isolated situation in Calif.,but an epedemic throught out the country. Merry Christmas Brian!

To paraphrase the late French queen Marie Antoinette" Le them go broke" For the past half century, all these airheads from the environmental and entertainment industry made it harder for business to operate in the state through higher taxes and regulations to "save the earth" Look at the result. California has one of the highest unemployment rates in the country on a par with Michigan. Before Californians have the gall to tell us to go green, they should clean up their act. Stop listening to far-left groups like the California Nurses Association, Earthjustice, the Sierrs Club and other far left kook groups and stop thinking that the taxpayer is somebody who you can stal their money. Or, why don't we cede the state back to Mexico? I think they will have to adjust to no gay marraige because Mexico prohibits it. Also, it would shift the balance of power from left to right because the loss of 55 electoral votes would make an impact.

Looks like Chapter 11 is the only way to defeat the huge deficits caused by the overspending in CA. Like the UAW in Michigan and elsewhere; they will only give up their unsustainable benefits if forced to thru bankruptcy.

Let's save some real money here and simply cut HISTORY lessons from the curriculum -- NO ONE SEEMS TO BE PAYING ATTENTION ANYWAY or learning from other's mistakes of those that came before us.

Is it too much to ask a state like CA to cut some programs or to save the state? I for one thought when Arnold took office that he would really try to push his ideals for living within our means but alas the pressures of special interest and the representatives in it affected that outcome and can't seem to get on the same page. It's this simple.. you cant afford it dont pay for it however, once the cash door is opened in goverment it takes an act of GOD to close it. This is a roller coaster this state has been on for many years and its nothing new. I live in CA and it's taxed to the hilt just like other states. We need a miracle. Dear Santa... CA has been naughty this year.

Hey, if California may be broke ? try the US I give it 9 months maybe.

The answer is simple... California in order to get money will have to either ? A. Start making cars that only further depreciate cars on the lots - that still won't sell. B. Declare itself a bank. C. Borrow direct from China ? I don't know probably A. or B.

Isn't California typically on the lead for US policies and government actions? Many policies in California usually end up coming across the US. So, if their government is already broke; and Obama has stated he wants to INCREASE government; what makes us believe that the US fate will be any different than that of California? We have borrowed how much money at what interest rate when the economy was still good? Now that we are in a down turn there is LESS money coming in... now what will the shortage for the US government be? Where is all this money coming from? If we already had a deficite last year of $462 Billion; so if we then are borrowing and bailing out to the tune of $7.2 TRILLION; how much will that long term debt add to the annual deficite? I realize that the government can do some fast and fancy accounting tactics and keep certain things "off" the books and the balance sheets... just like the banks have done... just like Orange County California did by financing short term obligations with long term bonds... and such silly things; but what is the overall PROJECTED REAL effect of all this? We are spending a LOT of time on this UAW stuff; however they have not even "borrowed" 3% of the total of what has been allocated under TARP. Is this a ruse to keep us from talking about the 150 BILLION to AIG; and what about the other banks and such that have received all this money already. Am I correct in what I am reading that "NO ONE KNOWS WHERE THE MONEY HAS GONE?" WOW!

The State of California needs to file bankruptcy, fire 20% of its employees, and renegotiate lower pay, benefits, and pensions for the remaining civil SERVANTS. The inmates are definitely running the asylum here in California. The Democrats in the state legislature and Shwartzenegger are perfect examples that power corrupts.