 Right now California's economy is moribund, and the prospects for a quick turnaround are not good. Unable to pay its bills, the state is issuing IOUs; its once strong credit rating has collapsed. The state that once boasted the seventh-largest gross domestic product in the world is looking less like a celebrated global innovator and more like a fiscal basket case along the lines of Argentina or Latvia. It took some amazing incompetence to toss this best-endowed of places down into the dustbin of history. Yet conventional wisdom views the crisis largely as a legacy of Proposition 13, which in effect capped only taxes. This lets too many malefactors off the hook. The rest at NewGeography.com In a related item, Big Banks Don't Want California's IOUs Both via the Instapundit |
Tuesday, July 7, 2009
Who Killed California’s Economy?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment