Friday, October 20, 2006

Debt Addiction In California

Not just the people -- California itself is in trouble.

Our billions of dollars of bond issues are to pay for current expenses. Billions in debt for maintenance of state vehicles for instance. Services are breaking down, and I have heard "public servants" using the word "citizen" as a swear word.

A business in money problems would cut back - Californian's could easily do better with 50% less government. Instead the government keeps growing. It now exists only to feed itself as a parasite on the taxpayers and their children.

No financial adviser would tell you to put breakfast on your credit card and pay it off with minimum payments. California is doing that - with thirty year bonds.

Politicians are not robbing from the rich to give to the poor, they are stealing the children's future life style to buy themselves votes and power.

A standard measure of the quality of an economist is how much they focus on short term results. Politics is like eating candy - quick pleasure - long term risks. Economics should be like going to the dentist - occasionally short term pain creates long term good results. A good economist focuses on the mid and long term ramifications of current actions.

There is no stomach in California for even thinking or talking about the long term - it's all about now. California's legislature is following the politicos favorite economist -- John Maynard Keynes of "In the long run we will all be dead."

A government of, by, and for the proposition "eat , drink, and be Merrie, for tomorrow we die."

We are part of an empire in rapid decline.


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