Business

California's Economic Implosion

By William F. Jasper / The New American
California, the "Golden State," is not golden anymore. It has the biggest debt, the biggest budget deficit, the lowest bond rating, and (arguably) the highest taxes of any state in the union. For months, Gov. Arnold Schwarzenegger and the state legislature have acted like Nero, fiddling while Rome burns. On Wednesday, July 1, Gov. Schwarzenneger declared a fiscal state of emergency, following failure of his office and the legislators to reach an agreement on a state budget before the midnight June 30 fiscal year deadline.
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Posted by Editor at July 4, 2009 11:15 AM