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California broke

The 8th largest economy in the world is bankrupt. California has a $40 billion budget shortfall, so as of Monday, state tax rebates are on hold, scholarships will go unpaid, vendors invoices will remain uncollected and county social services will cease.

Amazing that a state with the abundant resources of California, including the entertainment and tourism industries, can spend itself into oblivion under the mistaken idea that government’s role is to share the wealth.

The questions are whether California can find a way out of this hole without a bailout from the rest of us, and which of the other 49 states is next into insolvency.

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