Illusion Of Prosperity Shattered As California Makes Its Case For Federal Bailout
California has deep and systematic economic problems that some people, particularly those in California government, choose to ignore. So what’s the way forward?
1) Have states like California cut services to the point where very little education, healthcare or public safety is actually provided, leaving such places looking a lot like today’s Venezuela.
2) Have the federal government create several trillion more dollars out of thin air and hand them more-or-less directly to public sector pensioners with no real benefit for public services – which, given the likely impact on national finances and, yes, the value of the dollar – might leave the entire US looking like today’s Venezuela.