There is just no money!
SACRAMENTO, Calif. — California officials are warily awaiting the next round of state revenue figures, concerned that their latest budget-balancing efforts may not be enough to end a seemingly endless stream of deficits.
"We are still in troubled waters; there are still uncertainties," the Republican governor said. "We don't know how much longer our revenues will drop. We don't know if we may not be back in the next six months to make further cuts."
"It's entirely likely we will ultimately see further declines in revenue, which will almost certainly require further budget action," said Assembly Minority Leader Sam Blakeslee, a Republican from San Luis Obispo.
There is just no money and what little is trickling in is consumed immediately. No money to pay expenses. No money to fund the pension. No money for welfare. No money to do much of anything and pay interest at the same time.
These guys know revenues are evaporating....they get the preliminary reports. They have access to Rockefeller Institute data.
How long do you think the market will continue to permit extend and pretend? Under what terms will California be able to borrow money as all know it can't sustain its current debt?
Sure the Feds can guarantee the debt, but they are running out of money too. Why should the Chinese loan Americans money when they can make those same loans to Chinese?
9.09 Will anything happen by that time?