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

I think Calafornia doesnt know what desperation is!!Their just going to cry to the Federal Government and they will give them the money. Theres too many rich people in CA and their crying for help!!They need to look themselves in the mirror!!

I say not a penny until the remove Proposition 13 and redistribute the property taxes fairly.

California is the victim of its own unnecessary regulatory schemes which they have been trying to export to the rest of the country. They have been major contributors to breaking the auto industry and now they are trying to break the rest of the country. They deserve less consideration than the auto industry for a bailout. Let them declare bankruptcy and restucture their state.

@native Virginia -I like your plan a lot. Cutting CA from the union would be a great plan to balance our books. As the state sends more to the fed in taxes than it receives back in funding, the end of this outflow would just about do it, or at least get us closer. The US doesn't need california, it's universities, it's research labs, it's massive ports in longbeach and oakland, et al. you sir or madam win the prize!

http://www.taxfoundation.org/research/show/22685.html CALIFORNIA Federal taxes vs Federal dollas back (in millions) 2005 289,627 vs 242,023 NET -47,604 Hmm that number is really close to the CA state shortfall of 48 billion

I laugh at this state and the people in it to be honest. Case in point: What kind of dream are you living in when you think it's a "fair deal" to buy a dump of a home for $500,000 or more? I've saw the dumps that some of these shows on tv display when people were "flipping" homes just a short while ago. When I watched them at the time (and now during reruns) I couldn't believe how much people were willing to pay for a rundown shack, built in the 60s, with no yard, a nasty looking neighborhood, and absolutely no square footage in the home itself. The biggest joke out there and throughout this country as a whole is the mystical "cost of living" that is applied to certain locations in this country. Isn't funny how the areas getting crushed right now due to housing (New York, California, Florida) were not so long ago simply assigned the tag "higher cost of living" to justify simply absurd costs of "shacks." Meanwhile, homes in Nebraska and North Dakota (for example) didn't see nearly the insanity in home price increases and look, they aren't asking for the federal government to come and save their fairy tale lifestyles. I think it's high time California faces a reality check. Shocker, I know, but a trailer in Malibu is still a trailer...at no time should you have ever paid $1 million for it!

Correction, "I saw" not "I've saw".

In case anyone is wondering... California should take a lesson from Texas. Currently, Texas has a 10.7 BILLION SURPLUS for the state BUDGET!! Say what you want... but the big difference seems to be all those Green people in California. Save the planet or save your state.... obviously they cannot do both!! A 42 Billion deficite versus a 10.7 Billion SURPLUS ... calculator not necessary. California has lots of oil just off the shore... green clubs prevent the drilling... solve the problem on your own California... we don't need to support your overspending!! Control it or don't... but don't ask us to bail you out as well... this is YOUR problem ... NOT OUR EMERGENCY... we DON'T want it. Wake up... not all of you are spoiled brat celebraties! Where is their money to pay down that debt? All I hear from them currently about this is SILENCE... isn't it deafining? Texas HAS a SURPLUS... It is NOT YOURS! You did not create it... please don't ask us for it to save YOUR butt! Make some hard decisions and stay within YOUR means. Else, look for ways to create the additional funds that you REQUIRE such as DRILLING... kinda like Texas does. But do something... just don't put your hand out; you have not solved ANY problem and are not DOING anything about it either, except ask us (the rest of the US) to bail YOU out! Teach the people in California to Fish.... don't just hand them a fish.

I know - how about CA keep the taxes that we pay the Feds. Then they wouldn't have to give us back our own money to bail us out.

lets see... the republicans deregulate the financial industry, spend like there is no tomorrow, revise bankruptcy laws to screw citizens and hand over $700 billion to the banksters. the democrats create bigger government, bail out everyone, try to socialize all industry, tax (or fees) everyone and everything, are just as corrupt as the republicans, vote for their pay raise while we are in recession. I think they make on average around $150,000/year. The new gilded class in this country....... our beloved elected officials 1. Great pay 2. Great benefits 3. Job security 4. Unbelievable retirements And the best part is it is all payed for by us! It is time for a new revolution in this country, F**K these BAST**DS!

Let California drown in its liberal policy sewage. Let the rest of the states who want to have the same policies take notice that this is where they are headed. Do not bail them out Let them and their lifestyles go down the tubes. and good riddence!!

The Demobolshevik national Congress and President will bail out their fellow liberals I have no doubt. But, I would love to see California triple all their income and sales tax rates. Then let's see them continue to vote Democrat in every election.

I lived in CA. for 34 years and now in Texas for 3. There are a lot of people from CA here in Texas, and most of us moved because of morale and social issues. CA thinks there a progressive state, they better hope the next generation feels the same, because evryone I know still left in CA wants to get the hell out. Good luck Aronld......O how does it feel to know you let in entire State collapse.

One question remains in all of this who is helping the "People" our Government is not running this Country The Banks are. http://kay-homeownerhelp.blogspot.com/

History Lesson - maybe this will clearup the misunderstanding about who is in charge of this mess. While the Government knows about it ans stood by all these years and allowed it to continue is what got us into this mess in the first palce.http://video.google.com/googleplayer...hockwave-flash

I moved from California because I could see this train wreck coming,when the state is spending 10 Billion a year on our friends across the border that think they need a home in California and the tax payer to pay for it is one of the problems,the 350 plan for retired fire fighters and corrections workers, local law enforcement that gives 80% of there highest earnings in a year for there retirement after 30 years,is breaking Counties in the state,lets just sum this up by saying, after living 49 years there,and 37 million people now,what a sewer!

California gets only 70 cents for every dollar we pay to the federal government. YOU FREELOADERS FROM OTHER STATES HAVE NO RIGHT TO CRITICIZE CALIFORNIA. WITHOUT US YOU WOULD BE LIVING IN A THIRD-WORLD BACKWATER. THE ONLY INNOVATION IN NEW YORK IS NEW KINDS OF FRAUD. THE REST OF THE COUNTRY INVENTS NOTHING, DISCOVERS NOTHING, AND JUST SLURPS THE BENEFITS OF FREE TRADE WITH OUR GOLDEN STATE.

California broke. Ah, poetic justice. Let CA slide into the Pacific. I know of no one who will miss it.

Once California legalizes same sex marriages,the population will disappear in one generation,an empty wasteland ready for a new start.

It seems that we don't care. Solutions are needed because we are in it together. If we describe us as Americans only when we glow in our glory or when we are so good to others that are not as good as us, we will never succeed now as we did in the past. Too much of something always destroys the person.

Someone mentioned Mexico and other China. I have a better idea -- give the southern half of the state to Mexico and have China buy the northern half as a LBO.

In the state of New Hampshire, we live with what we have. No sales/income tax. If we don't collect as much, then spending gets cut. Live with what you have. Cut spending!!! You made your bed now change the sheets and live with it.

Just a picture of how Keynesian economics is destroying our country - one state at a time. I think the government has decided that nationalizing the country is the only option left so expect California to be bailed out.

It has finally happened, We should call up Mexico and let their President know we are giving California back to them becasue we can't afford to live here any more.

NOTE TO STATES: Whine early and whine loudly. Bailouts will continue for all groups too big to let fail. When the big crash hits it will hit those hardest who tried to act responsibly.