One only has to look at California to see the rest of the country's future thanks to the socialist agenda which has shaped that state's failed policies.
California's economy is the largest of any state in the US, and is the eighth largest economy in the world. As of 2008, the gross state product (GSP) was about $1.85 trillion, which accounted for 13% of the United States gross domestic product(GDP). However, California's economic recovery is predicted to lag behind the nation's in 2010. Economists at the UCLA Anderson School of Business predict that California's economy will only begin to increase when U.S. consumers start buying again and goods come through the region's ports and transportation hubs, so do your duty America and buy some cheap Chinese crap on your credit card, if you still have one, to help California's economy. The state's unemployment rate won't fall below double digits until 2012, economists predicted.
So my question is how are people supposed to buy things when they are unemployed, gas prices will be above $4 by Memorial Day, and their homes aren't worth crap? They can't and I don't need a degree in economics to know that! But the news gets better, because the City of Los Angeles is actually broke. Yes, they are completely broke:
The city's top financial official issued a grim assessment of the escalating budget crisis Monday, warning that Los Angeles could be unable to pay its bills in just over four weeks.City Controller Wendy Greuel declared an "urgent financial crisis" and said the only way to continue paying bills in the short term was to begin to drain the city's already limited emergency reserve.
As if the news wasn't bad enough in the City of Angels we get this from Sacramento:
According to a new report by a group of Stanford University graduate students,the shortfall facing California's public pension systems could reach more than half a trillion dollars over the next decade and a half. A summary of the report, released Monday, also said the current recession has cost the three systems — for the state's public employees, schoolteachers and University of California workers — $109.7 billion in lost investment value. The report says the systems' basic growth assumptions are too rosy. The report was prepared for Gov. Arnold Schwarzenegger, who has made pension reform a top issue his last year in office. Because pension benefits are guaranteed, the state's general fund, facing a $19 billion deficit through next summer, must make up any shortfalls.
First there was Bear Sterns. Then Fannie and Freddie. Then AIG and the TARP programs. Finally the American Auto Industry. Can you see what's coming next, ........the "California Cleanup" ....the latest and greatest bailout by the Federal government (thank god they don't have to balance the federal budget and they can print money otherwise it would be broke too), which will be pushed through Congress by the Speaker of the House (Democrat from California) and our President who needs those 55 electoral votes if he wants a snowballs chance in hell of beating whatever piece of crap the GOP nominates (Romney currently leads the polls but do we really want the guy who created Obamacare before it was known as Obamacare as our next President).
How's the future look America aren't you excited about our future!
Me neither which is why I have plan. When, not if, Texas secedes I'm moving there if they'll have me. http://www.texassecede.com/ Care to join me.