California in a Hole?
Schwarzenegger to U.S.: State may need $7-billion loan
SACRAMENTO — California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
California’s liberal assembly has literally spent this state into the ground. Why should the Federal government have to foot the bill and bail out these irresponsible legislators that use the state’s money like it is toilet paper?
Although I live in California, I have an idea: let the market sort it out. Let the California assembly decide what are the most important priorities and make some spending cuts so that we don’t need to borrow to stay afloat.
I don’t understand how people generally can be so flippant about living beyond their means. Credit is great insofar as it is used as a convenience or to purchase necessities that are outside the range of cash purchases, such as homes and cars. Really troubling is when a government and the elected officials adopt the same attitude and live beyond the state’s means. This is California in a nutshell. (To be fair, this is the United States too thanks to the liberal Congress and free spending President Bush.)
In a way, I hope the Federal government says no to California and every other state in similar circumstances. It will suck for a lot of people, but apparently the only way to instill a sense of financial discipline is to force the perps who have spent out of control to accept the fact that there isn’t enough money to give every baby a lollipop.
If the Federal government agrees to bail them out, there better be some strings attached that require spending to but cut. As the old saying goes, hope springs eternal.