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The Golden State Is Melting
Jim Kirwan
California's meltdown has begun, along with many other states that are cash starved and bleeding thanks to the total lack of leadership at all levels of what we so casually refer to as 'government.' Here's the situation now:
"California is home to the largest manufacturing belt in the United States and to Silicon Valley, the nation's largest high-tech center.
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."
Worst Unemployment in 64 Years
The state's unemployment rate has surged to 11.5 percent, the worst since World War II.
Last month, California lost 68,900 jobs. And since July 2007, it has lost 859,000 jobs, including 739,500 just in the past 12 months.
Even if the economy recovers, an unlikely scenario in my view, economists agree that California will continue to be slammed by layoffs, at least through the end of this year and probably well into 2010.
And even assuming a national recovery, UCLA's Anderson Forecast projects an average unemployment rate of 12.1 percent from this fall through next spring.
What about without a national recovery? California's jobless could go beyond 15 percent.
Worse, if you include part-time workers seeking full-time work plus workers who have given up looking entirely, it could reach 25 percent, exceeding the worst national unemployment levels of the Great Depression.
"Our wallet is empty.
Our bank is closed. And
our credit is dried up."
These are not the words of a Dr. Doom in New York or a forlorn banker in Georgia. They represent the confession of Governor Arnold Schwarzenegger before a rare joint session of the California legislature and with no exaggeration!
The state faces a stunning $24.3 billion budget deficit, even assuming no significant deterioration in the economy from this point onward. And the state has lost virtually all hope of President Obama declaring, "California is too big to fail."
California State Treasurer Bill Lockyer tried to make that argument to Washington, and did so with great vigor. But he was rejected. After the long line-up of failed companies with hat in hand in recent months - on the steps of Congress or the White House lawn - some folks in government finally appear to have learned how to just say "no."
"You're on your own," is the message from the president to the governor. "Beyond your share of the stimulus package, that's it! No more!"" (1)
There is money out there 'LOTS OF IT' but the politicians don't want anyone to know that it's there and it's available: The reason is that they think that it's their private slush fund, and it should NOT be used to bail out the economy of any state: when in fact the reason it was siphoned off from all the places they stole it from was 'supposedly' so that there would be a reserve to fall back on in just such times as we are now being subjected to. (2)
In California right now there is At Least $59.83 Billion in Surpluses of the Taxpayers Money that it is not using. If California does not act now then this state will become as extinct as the California Grizzly Bear that is currently on the Flag of the California Republic. (3)
Beyond these game-changing facts there is a much larger problem. The States pay taxes to the Federal government, and part of that forced understanding is that should the states run into something that is completely beyond their ability to manage: then the FEDS are obligated to come to their aid. Think of it as an emergency backup, to prevent everything that is beginning to happen to California and a dozen other states right now. Meanwhile, where's the help from the oval office? What's the matter with the mouth of the fraud that has appointed himself as our ceaseless campaigner-he's the same adult-child that has proven to be utterly useless when it comes to real and life-threatening actions of any kind: whether that's here or overseas!
The waste of time and money that is governor of California at the moment, also needs to call in his cronies that are sitting on this money ($59.83 Billion) and demand that it be released immediately to solve this state's budget problems-or face a public that will very soon be thinking about how and why vigilantes came into being in the first place?
Call Sacramento and demand that this money be used to stop the bleeding: It's your money and in theory these knuckle-draggers all work for you California-make them use it now!
1) California Collapsing: http://www.moneyandmarkets.com/california-collapsing-34271
2) Show us the Money: http://www.rense.com/general85/showus.htm
3) California has at least $59.83 Billion: http://cafrman.com/Articles/Art-CA-S1.htm
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