How about this, California’s Democratically controlled state senate voted to enact universal healthcare for the state’s residents while outlawing private insurance and subsidizing coverage for millions in the process. All this for the 37 million Californians for the mere “estimated” cost of $200 Billion a year. This in a state where the $85 Billion budget is already $20 Billion in the red and unfunded liabilities are anybody’s guess!
As the OC Register points out, this is “hubris raging out of control in Sacramento.” Little wonder they call it the “Left Coast!”
Lisa Benson, Washington Post Writers Group
#1 by Paul Burkett on February 1, 2010 - 4:55 am
Not a surprise but there brethern moved north to Oregon and their vote to increase business taxes was equally as stupid.
#2 by renohayektjm2 on February 3, 2010 - 4:12 am
Here you go, Paul, Mayor Daley is courting the Oregon businesses arguing that Chicago is a better environment. Hard to counter that argument! See:http://online.wsj.com/article/SB20001424052748704... tjm
#3 by Paul Burkett on February 1, 2010 - 2:54 pm
Reinhart and Rogoff in "This Time is DIfferent" make it very clear that the debt crisis that created the business cycle recession will continue for many years. As such, any assumptions like the Democrats in the California Senate that the good times will return will not happen. It will take years to work off excess leverage both by consumers and businesses. It will continue to impact unemployment numbers for at least the next two years. So wehre is the revenu to offset and pay for this Universal Health Coverage. It does not exist. Consumers spent less in December 2009 and saved more. This will continue and out of control government spending cannot co-exist with this trend.