Facing "disaster" Schwarzenegger calls California fiscal emergency
US News
Dec 2, 2008, 4:05 GMT
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California municipalities are in deep trouble as well. California is not the only US State with major budget woes. All of the left-leaning states, including New York, are deep in debt. When you add up the debt and compare it to potential tax revenues, bearing in mind that taxpayers are teetering on revolt, the sundry US governments have two options. They can default on their debts or pay their debts off with inflated dollars. The most likely outcome is not all that hard to predict.
www.aier.org/research/commentaries/858-financial-meltdown-could-require -use-of-depression-era-rule
Exactly
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