Writing about the future of the (once-)Golden State, Victor Davis Hanson opines, “Public money in California running out is, in fact, a solution of sorts“:
The philosophy that led the state to the highest tax rates in the country, along with the near-worst schools, largest deficits, and most crumbling infrastructure, was reaffirmed. Now California’s state government will have to deal with the reality that if the highest-tax state in the union raises taxes still higher, it will lose even more high earners than the current 3,000 who leave each week. A Republican Congress is not likely to bail out a bankrupt California.
“The problem with socialism,” Lady Thathcer once quipped, “is that eventually you run out of other people’s money”.
Seems like Jerry Brown’s going to learn that soon enough.