Even though I’m now legally a resident of Arizona, I come back to California frequently and keep in close touch in any case. So watching the state’s finances reach the catastrophic stage has been a fascinating and scary experience.
California’s government is, in a word, dysfunctional. Yes, the hapless Legislature bears much of the responsibility, and Gov. Schwarzenegger’s tenure has been a pathetic joke. They have persistently enacted laws that make the problems worse, and refuse to face up to reality. Posturing has replaced politics, and the state’s on the brink of a true financial meltdown.
But residents might consider looking in the mirror as they decide whom to blame the most. They are the ones who elect these clowns. They are the ones who have voted for fiscally irresponsible policies via the proposition system, beginning with Prop 13, which was and remains the seed that grew into the forest of fiscal destruction.
Now the state is issuing IOUs instead of actual money to its creditors, including taxpayers who were expecting refunds. If the state doesn’t default on its obligations outright I’ll be amazed.
Unbelievable. Yet predictable, and sad.