After years of out of control spending and tax hikes that chased many prominent companies to other states, California officials announced Monday that they will be pushing to pass a budget plan that includes significant cuts and financial restructuring to close the $26 Billion shortfall in the current budget.
It had to happen eventually. Even California, the land of Hollywood fantasy, had to come to reality sometime. Of course it took standing on the edge of bankruptcy and collapse to get here, being reduced to issuing IOUs to thousands of state contractors, but there’s no use rushing into things.
This is what happens in the real world to American families and businesses that can’t just raise taxes to continue growing their spending. Out here, where we are constrained by income growth that has slowed and higher costs, we have to tighten our belts, cut out some things and bring our spending into line with the reality of our financial situation. So, California, welcome to reality…welcome to my world.
Maybe if California can learn, the federal government can learn also? So far there seems to be little sign that the dominate party has any desire or plans to curtail their spending. In fact, the opposite is true. President Obama has expanded our deficit by trillions of dollars and isn’t done yet. What will it take? Complete collapse? Come on, Mr. President, Ms. Pelosi, and Mr. Reid, come on out here with the rest of us in our world…in reality. It’s really not so bad, and it’s a whole lot less scary than the bizzaro world in which you live.
