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Originally Posted by dc_dux
In fact, it is probably closer to 38 (states facing deficit) black holes if you like the IBD characterization and its hit job on California.
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Is there a difference between going into a deficit compared to the crisis California is in? I think there is a big difference. The government is anti-business, high tax, high spend, high regulate, with no discipline. This is a recipe for failure and the track our federal government is on.
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Many more objective economists attribute the fact that California has experienced severe budget shortfalls as a result of nearly 1/4 of all housing foreclosures coming in California.
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Can you give a name of one or a source?
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California was doing pretty damned well until the housing bubble burst.....the 5th largest economy in the world...despite all those anti-business taxes that has IBD bitching and crying like a spoiled child.
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The California downward spiral started long before the housing problem. Remember the dot com, bubble bursting, remember the rolling power outages, remember the hospital problems... Housing and the dot com. boom covered up California's problems.
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In fact, one growing sector in California has been in green technology start-ups brought about by the state's forward looking environmental program, despite the IBD's false claims.
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Have "green" technology start-ups had a material impact? An impact compensating for all the lost jobs due to companies moving out of the state?
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The IBD solution?.....just give more tax cuts to the wealthiest taxpayers and it will all work out?
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The tax cuts in Obama's plan is the only thing that will actually have a lasting impact on stimulating the economy. People investing in the future creates lasting opportunity and jobs, not one time projects, pork or handouts. Why did Obama put tax cuts in his plan if they don't have an impact? Why not raise taxes, like he said he would on the rich?