California meltdown: Davis should be recalled

December 9, 2002 -- In Bonds of Our Union, Part II, I pointed out that the state was facing a "train wreck" when the next downturn came because of an imbalance in tax payments. The state was too reliant on capital gains, which, I said, would disappear almost overnight in the next recession. That is exactly what happened. I also said the resulting budget cuts would result in a state of "squabbling minorities" fighting over the remaining resources. That is exactly what is about to happen. Gray Davis should be recalled. --- Glenn Spencer

See.....
California Is at Fiscal Brink - N.Y. Times - 12/9/02
Cuts Target Ill and Aging - L.A. Times - 12/9/02
Deficit soon to hit where it truly hurts - Sacramento Bee - 12/8/02
Public soon to feel budget crisis - Modesto Bee - 12/9/02
Lawmakers face to face with budget cuts - Pasadena Star News - 12/9/02

---

|  | |

---