The Great California Depression (Sinkhole)
Will It Take Us All Down?
Sacramento Bee -- June 25
Democrats' budget-balancing plan crashes and burns
California's budget mess got even messier Wednesday, with the failure of legislators to reach a compromise on spending cuts, the state controller warning he will issue IOUs next week instead of checks, and no clear idea of what to do next...
Business Times -- June 24
California will issue IOUs starting next week
California could begin issuing IOUs on July 2 unless the governor and lawmakers reach a budget deal, the latest challenge for the financially strapped state.
On Wednesday, the state starts "a fiscal year with a massively unbalanced spending plan and cash shortfall not seen since the Great Depression," State Controller John Chiang said in a news release.
The Trumpet -- June 23
California: Harbinger of National Doom?
....Yet California is imploding. And it is dragging the rest of the country with it.
Martin D. Weiss, Ph.D. -- June 22
California Collapsing
California is America's most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India. -- And it's collapsing. |
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