>So now California is about to run out of cash. Wonderful leadership there Schwarzenegger.
Do you think Congress will give us a bailout until we can raise taxes? Yes, as painful as it may be, we need to raise taxes. The bond market is clearly dead and so is governmental reliance on it to fund the necessities of society. I’ve been saying it for years. Taxes are necessary to pay for road maintenance, the court system, firefighters, public schools, voting day, property deed recording, licensing of various professionals…shall I go on?
Of course, there are going to have to be cuts too. Just as we all have to scrimp and pinch these days, so too will the state government.
Clearly there is some lesson here that we all need to learn. I don’t know what it is, but I hope we can learn it soon. I’m tired of all this bad news.
Sacramento will probably be hurt the worst by this if the day to day operations of the state shut down. Most of the economy of the city is depended on state operations. Just look at how light the traffic is on the freeways on Columbus Day.