November 30, 2008
California's budget mess is how bad?
Just how bad off is California? Well, thanks to the stalwart fiscal responsibility conservative, small-government leadership feckless pandering to the unions and the fashionable social movements de jour of our governor, it's worse than you think.
As Matt Welch at Reason observes:
The Telegraph (UK), and by extension the Drudge Report, are expressing wonder that, judging by the credit default swaps (CDS) market, "California is now priced as a greater bankruptcy risk than Slovakia."
As a former resident of both states, I can testify that this is an unfair slap ... at Slovakia.
That's right, half of a once-communist regime is in better economic shape than the People's Republic of California.
There's a lesson in there for those willing to look, but there are some who are simply too blind to see.
Once again, I find myself longing for the prudent budgetary practices of former California Gov. Grey Davis.
Gadzooks!
I can't believe I just typed those words, but there you have it.
Strange days.
Posted by Mike Lief at November 30, 2008 08:08 PM
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