The California Nightmare: Why California Leads the Nation in Deficit, Debt and Out-Migration

By Wayne Allyn Root

The latest reports are out - and there's good news and bad news for California. The good news is that California leads the nation. The bad news is that California leads the nation in deficit, debt and the amount of residents escaping to other states. The Mamas and Papas are rolling over in their graves. The 'California Dreamin'' of the 1960s has morphed into the California Nightmare. California is the perfect test tube baby: the state is arguably the most liberal, big spending, big government state in the entire USA. After decades of spending like there was no limit to taxpayers' money, California is mired in a deep economic crisis - poised to turn into economic Armageddon. The reality is that the state of California is bankrupt. Actually, the state is far beyond bankrupt - what do you call "so bankrupt, there is no amount of money available anywhere in the world to pay off our debts?" California is so bankrupt that bankruptcy attorneys have no words to describe the depths of this disaster. Let's just call it "bankruptcy squared." [more...]