Archive for the ‘State Financial Crises’ Category
State Financial Crises and Why America Should Take Heed
Author: admin
California’s problems continue to fester. And America as a whole better be taking notes. Being the largest economy in the US, as California goes, so goes the country–in more ways than one. And the fundamental causes of the California crisis, although more exaggerated there, are not uncommon across the rest of the nation. For all these reasons, the US as a whole must pay attention to what the not-so-golden state is going through.
We know the causes of the financial debacle in California: the shortsighted penchant for extensive and un-financed public spending, the triumph of ideology over good governmental management, and the pernicious influence of special interests and the inevitable corruption that comes with them. In addition to the Golden State, these are all too common in the American political system, at the state level (some more than others) and at the national level. Of course, complimenting the spendthriftiness is a seemingly endless thirst on the part of the people (we do live in a democracy, after all) for higher spending and lower taxes. In few places is this popular tendency typified so well as in California itself. Read the rest of this entry »
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