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Entries in State Bailout Programs (1)

Monday
Mar262012

Obama Swan Song: "California Here I Come!"

"California, Here I Come"

It's a song written for the 1921 Broadway musical Bombo, starring Al Jolson. The song was written by Jolson who recorded the song in 1924. It is often called the unofficial state song of California. After being born and living for fifty-six years in the Golden State, it was my Swan Song to go, it was time to move on before all of the taxes went ever higher on everything. California became one of the greatest welfare states because the tax increases were simply about political power to send money to the people who live off big government. Currently, the California income tax is 10.3%, fourth behind Hawaii and Oregon at 11% and New York at 13% where the national average is under 6% and nine have no income taxes. Governor Brown wants 13.3% and the Unions even higher to support larger government union pay and pension plans.

I bring this little matter of tax revenues up since many states are now running deficits and raising taxes to cover the current government overhead, much less than even meeting their over-promised and under-funded pension plans. In the not so near future, they are realistically looking at bankruptcies on the horizon, some say by 2015. Does the phrase, "Too big to fail" ring a bell from the not so distant past?

The Answer - Obamanation of The United States

How about bypassing Congress again? This time sign another new Presidential Executive Order for a Federal States Czar who dictates that everyone must share equally in the common good of all states?  Therefore, any states that are fiscally making more money must immediately be subject to a federal income tax that redistributes their citizens' money equally to other states who cannot keep up with their government spending programs. That sure sounds like kind of a Constitutional type Law, huh?

If that program doesn't work, then the Federal Reserve can just float some more state bonds and finance their debt by printing more money, thereby raising the federal deficit for everyone even further.

Obama to the Rescue!

...Sure all sounds good to me!  How about you?