White House says no to California budget help

[Monoriu]

2 years ago, Hong Kong received 3 dollars in taxes for every 2 dollars spent.  We put the extra money in savings.  Now, when revenue has dropped, we can maintain the same spending level without cutting services or raising taxes. 

California chose not to have a rainy day fund.  California will reap whatever it sows.  And it should.

Unlike Hong Kong, California likes to ensure humane standards of living for its citizens.

See what humane standards you guys can maintain when you are broke 

[garbon]

See what humane standards you guys can maintain when you are broke 

Better to have lived the good life for a little bit than never at all, Mr. 10 foot square box.

[Monoriu]

See what humane standards you guys can maintain when you are broke 

Better to have lived the good life for a little bit than never at all, Mr. 10 foot square box.

Somehow I think the living standards that you referred to can only be described as "humane" if they are sustainable 

[CountDeMoney]

They are courageous, but stupid.  Obama's enormous ego will never allow any state who shuns him to survive.

Sorta like the blue state base closings after the 2004 election?

[DontSayBanana]

Unlike Hong Kong, California likes to ensure humane standards of living for its citizens.

CA has the worst state budget in the country, and seeing as how somebody from NJ is telling you that, that's bad. As for the "you want the best, you pay for the best" argument, it should be noted that the California government is also directly responsible for a lot of the exorbitant cost of living.

[KRonn]

Poor California; in a seriously bad situation. Seems to be the way many of our state, federal and local governments operate though, and Cali isn't the only one in such trouble.

[Berkut]

If only California public employee unions had Obama in their pocket like the UAW does, then California would become "too big to fail".

[The Minsky Moment]

California is way past too big to fail.  It is too big to rescue.

[Valmy]

Good.  The richest state in the union should not be getting the rest of our money.

We reserve that for our biggest corporations.

[garbon]

http://news.yahoo.com/s/ynews/ynews_ts418

Almost every state is suffering from the effects of the recession, but not every state accounts for 12 percent of the national gross domestic product. According to AP, if California goes down, so goes the nation: California's annual $1.7 trillion economy is the world's eighth-largest economy and provides a significant chunk of tax revenue for the government; California alone funds many social programs for the entire nation.

I'm happy to report that the rest of America is going to get an invitation to our mandatory party. Please be on time.

[Caliga]

Jaron, you can come live in my basement.  I have a spare bedroom down there.

[DGuller]

Oh, please, it's not like California would turn into Africa overnight.  At worst it'll become Mexico.

[Valmy]

California's annual $1.7 trillion economy is the world's eighth-largest economy and provides a significant chunk of tax revenue for the government; California alone funds many social programs for the entire nation.

Well it is a state that's untouchable like Eliot Ness.

See we have all been blaming Washington for all our troubles when the real culprits were in Sacramento.

[KRonn]

Such a wealthy state, huge economy, and still it found ways to go seriously into financial problems, possibly leading to default or bankruptcy. What a sad mess.... 

[DGuller]

Would bankruptcy cancel those ruinous propositions, sort of like bankrupt companies can cancel union contracts?  I would guess not, but maybe I'm wrong.