SEE YA IN BANKRUPTCY COURT SOON
The condition of being financially insolvent: bust, failure, insolvency. (See NO money)
gap for 2009-10 was $45.5 billion, or 53% of total state spending — the largest in any state's history.
• The state's sales tax is the nation's highest, and its income tax the third-highest, the BusinessInsider.com Web site recently noted. Meanwhile, the Tax Foundation's "State Business Tax Climate Index" ranks California 48th.
• In a ranking by corporate relocation expert Ronald Pollina of the 50 states based on 31 factors for job creation, California finished dead last.
• In another ranking, this one by the Beacon Hill Institute on state competitiveness, California came in 32nd — down seven spots in just one year.
• California is home to 25% of America's 12 million to 20 million illegal immigrants. A 2004 study estimated that illegals cost the state's citizens $10.5 billion a year — roughly $1,200 per family.
• Unfunded pension liabilities for California's state and public employees may be as much as $500 billion — roughly 17% of the nation's total $3 trillion at the state and local level.
This has been building for decades. Yet, despite the abysmal track record, Democrats in this election not only won six of the state's seven top jobs, they extended their hold over the state legislature, too. The GOP gained a record 680 seats in statehouses nationwide on Tuesday. In California, they gained none.
Even Democratic candidate Jenny Oropeza, who died two weeks ago, still managed to defeat live Republican John Stammreich in a race for a state Senate seat.
California really bucked the national trend.
"Democrats had a 13-point party identification advantage among California voters, compared with an even split nationwide," wrote Jack Pitney, a professor at Claremont McKenna College, on the National Review's blog. "California voters approved of President Obama's performance by a 10-point margin, whereas the national electorate disapproved by nine points.
"It's a different kind of state," he said. That may be the understatement of 2010.
A large part of the state's Democratic tilt comes from its massive Latino population. The Los Angeles Times noted that it made up 22% of the voting pool, "a record tally that mortally wounded many Republicans."
Indeed, Latinos went for Democrats by 2-to-1 — perhaps ending the naive idea of some in the GOP of a New Majority built on the burgeoning Latino population.
But the real political problem lies in Sacramento, the state capital, which is run not so much by politicians as by the unions they've sold out to — state employees, nurses, teachers and prison guards.
For their part, politicians have largely ignored the state's crumbling infrastructure, failing schools and dismal job market. And it's about to get worse.
Voters also approved a new measure requiring a simple legislative majority to approve a state budget. It previously took two-thirds, giving Republicans far more leverage. Democrats, in other words, will now find it even easier to spend money they don't have.
Moreover, as its tax base shrivels, the state is lurching ever closer to fiscal insolvency. At some point, it will ask Congress for a bailout, and how likely is that with the new Republican majority?
Worse is the feeling among the state's businesses of an entrenched, almost pathological antipathy toward any job-creating activity.
As Cypress Semiconductor CEO T.J. Rodgers memorably put it: "The killer factor in California for a manufacturer to create, say, 1,000 blue-collar jobs is a hostile government that doesn't want you there and demonstrates it in thousands of ways."
So far this year, thanks to California's unfriendly political environment, strict regulations and high taxes, 32 companies have announced they'll either expand elsewhere, move or shut down operations, according to the California Manufacturers & Technology Association.
For many, it's as simple as ABC — Anywhere But California. This is an issue near and dear to our hearts. Investor's Business Daily was founded in 1983 in Los Angeles — and for a quarter of a century has proudly called California its home.
But we too have been affected by the state's poisonous, anti-business political environment. With de facto one-party rule in the state since the 1960s and few signs of change anytime soon, our optimism about the state's future has begun to wane.
As a result, sad to say, much of IBD's future growth will happen at a new facility in Texas — where local and state authorities have bent over backwards to make us feel welcome.
California was once like Texas, but lost its way. Today, when comparisons are made, California is most often compared to Greece — another idyllic place with a sunny, Mediterranean climate on the verge of bankruptcy.
In the end, only the voters of California can change things. But on
Tuesday, they opted for more of the same
THAT LOUD NOISE YOU HEAR EVERYWHERE YOU GO IN THIS STATE IS THE SOUND OF BUSINESS LEAVING AND TAKING THE JOBS WITH THEM
BUT DON'T WORRRY ABUT THE JOBS LEAVING---JERRY BROWN AND THE LIBERAL LEGISLATURE ARE GONNA CREATE YOU IMAGINARY "GREEN JOBS" -----------LOL LOL LOL LOL LOL
WHAT A JOKE THIS STATE HAS BECOME