Should feds bail out California (or Atlanta)?

California has a one-year budget deficit that exceeds the cost of operating the entire State of Georgia.   California’s deficit is $24 billion; Georgia’s 2010 budget, which goes into effect on Wednesday, is $18.6 billion. California’s population is 38.6 million;  Georgia’s is 9.6.

The question is:  Should the federal government ride to the rescue, as it did with the financial sector, including banks, and with the automobile industry?

California officials say they’ll make additional budget cuts, but want federal taxpayers to guarantee a portion their borrowings, which would bring lower interest rates.  California, like Atlanta, has been represented by  big-spenders whose short-sightedness has brought financial peril.  Politicians think in four-year cycles and what must be done by way of spending to give incumbents or the incumbent party election advantage.

Atlanta City Council did vote 8-7 on Monday to raise property taxes by about $240 per year for the average homeowner to cover a $56 million gap in the proposed budget.  In Atlanta, where payroll-padding has been a way of political life, it’s never clear to politicians whether the greater risk to their job security comes from alienating property owners or alienating city workers — hence, the 8-7 vote to raise taxes.  All 15 seats on Atlanta City Council and the mayor and council president are up for election this November.

The California debate is essentially contained in the comments of two California Congressmen, U.S. Rep. Brad Sherman (D-Los Angeles) and U.S. Rep. Kevin McCarthy (R-Bakersville).

“It’s not that California got itself into trouble and wants the federal government to bail it out,” Sherman told the Associated Press.  “California wants the federal government to do for a fee that which Wall Street would do for a fee if Wall Street wasn’t broken.”

Said McCarthy:  “You’ve got many states throughout this country, you’ve got many cities that are in tough financial problems, so they will all come for help.”

Washington is owned by Democrats.  California is owned by Democrats.  San Francisco’s Nancy Pelosi is Speaker of the U.S. House, which is owned by Democrats.   Expect a bailout.

The answer is “no, taxpayers shouldn’t start bailing out failed cities and states.”  But we will.

119 comments Add your comment

1984

June 30th, 2009
6:40 pm

Jackie, you continue to menstruate. Next time use an XXL tampon.

Peter, thanks for proving just how idiotic and retarded libs really are. Oh, and if you like dictators, head on over to NK.

Peter

June 30th, 2009
6:55 pm

Hey 1984 I don’t like dictators…….. I just don’t like a Rip off Dick any more !

Your use of name calling should have stopped in grade school, and perhaps that is where your education did stop ?

1984

June 30th, 2009
7:06 pm

Peter, funny you should bring up educations. Anyway, I get fired up at libs and their lack of thought and rationale. And yes, you do love dictators. Most libs do because they fear individualism and thought.

Pubtards Continue to Lose

June 30th, 2009
7:52 pm

During 8 years Bush facilitated North Korea and Iran with a nuclear bomb. in NK’s case and nuclear centrifuge capability close to a bomb in Iran’s. Bush’s approach to North Korea and Iran ended up with them being more totalitarian than ever holdin North Korea is holding Americans hostage as is Iran complements of an idiot Bush foreign policy.

AmVet

June 30th, 2009
8:05 pm

For my Republican friends, some of my favorite Zappa quotes:

“When God created Republicans, he gave up on everything else.”

“After all, he [God] wrote this book here, and in the book it says he made us all to be just like him! So if we’re dumb, then God is dumb – and maybe even a little ugly on the side.”

“The most important thing to do in your life is to not interfere with somebody else’s life.”

“Remember there’s a big difference between kneeling down and bending over.”

“The biggest threat to America today is not communism. It’s moving America toward a fascist theocracy, and everything that’s happened during the Reagan administration is steering us right down that pipe … When you have a government that prefers a certain moral code derived from a certain religion and that moral code turns into legislation to suit one certain religious point of view, and if that code happens to be very, very right wing, almost toward Attila the Hun…”

“Some scientists claim that hydrogen, because it is so plentiful, is the basic building block of the universe. I dispute that. I say there is more stupidity than hydrogen, and that is the basic building block of the universe.”

“The essence of Christianity is told to us in the Garden of Eden history. The fruit that was forbidden was on the Tree of Knowledge. The subtext is, All the suffering you have is because you wanted to find out what was going on. You could be in the Garden of Eden if you had just kept your f&cking mouth shut and hadn’t asked any questions.”

“Look here brother, who you jivin’ with that cosmic debris?”

Later, rock and rollers…

Pubtards Continue to Lose

June 30th, 2009
8:21 pm

The Bush morons made the clusterfook in Iraq, and they set the date for pulling back. Time to get the hell out now.

1984

June 30th, 2009
8:39 pm

EVIL REPUBLICANS TIME IS UP, try using correct grammar and cut out the run on sentences. For someone who calls others hicks you sure do take the cake in writing horrible incoherent sentences.

1984

June 30th, 2009
8:39 pm

AmVet, funny that you mention God yet you don’t believe in Him. Nice.

Pubtards Continue to Lose

June 30th, 2009
8:41 pm

After killing several patients in the ER I retired to the janitors closet to figure out my next move. By gosh I think I have it. I will tell everyone that I am a talk show host who licks her own a$$. THAT’S IT!

Pubtards Continue to Lose

June 30th, 2009
9:14 pm

Bachman is the new 48 hour star. Whackjob is rivaling Palin in stupidity and she will soon be gone.

Jackie

June 30th, 2009
9:46 pm

@1984

I have no need for a tampon.
I have noticed that you have a case of diarrhea of the lip. Maybe a USED tampon is what you would need to clean up your mess.

Still obfuscating, extrapolating and conflating. Nothing you say is believable and meritorious.

AmVet

July 1st, 2009
12:02 am

“AmVet, funny that you mention God yet you don’t believe in Him. Nice.”

How the (fill in the blank) do you know that, you assumptive, speak for everyf&ckinbody else ” b@st@rd? Read your Bible: (II Samuel 14:3: “So Joab put words in her mouth.)

Though it’s none of your beeswax, I believe in the possibility of him/her/it. (She’s black and she’s p!ssed!) Whatever you or I or anyone else thinks that is.

I guess if I were really trying to be ironic, 1984, I could tell you to go to hell.

DeborahinAthens

July 1st, 2009
6:35 am

1984 while you are keeping stats on the Republicans vs Democrats in power, remember that all the major stock market crashes happened on the Republican’s watch. And they happened well into their respective administrations. Republicans cannot and will never be able to manage fiscal policy. Their sheer, unbridled hypocrisy is what turned me into a Democrat after 35 years of voting Republican. The sooner you “conservative” realize that their fiscal policies do not work, the better off we will be. But just keep voting for the bozos. Then keep bitching about how poorly your investments are doing.

1984

July 1st, 2009
9:26 am

Jackie, at least you admitted that you can’t read. That’s the first step. HA!

AmVet, the reason I know that is because you constantly rag on religion in general. Maybe you do believe in Allah since you have wonderful things to say about Muslims while trashing Christians.

Copyleft

July 1st, 2009
9:46 am

Obama’s “lack of economic skills”?

That’s funny–it was the “economic skills” of those supply-side quacks and their constant cries for deregulation that got us INTO this mess.

The market is a tool, not a god. Worshiping it instead of controlling it is a very, very stupid idea.

Alex Neill

July 1st, 2009
12:42 pm

Where has Barack Obama shown his control over, his command of, anything? He behaves as a man who was pampered in school and never was required to master anything at all. Bill Clinton was like that.

They are muddling along, and faking it. Just like they did in college.

God help us.

Copyleft

July 1st, 2009
2:17 pm

Interesting assumption, Alex. Purely opinion-based, of course, as all the right’s attacks on Obama have been.

They WISH he was clueless and floundering and unable to cope–that is, when they’re not busy whining about how he’s a new Fascist Dictator who’s determined to wield absolute, unchecked executive authority with no regard for the Constitution.

So which is it, wingnuts: Is Obama ineffectual, or all-powerful? Which lie will scare your base enough to hopefully win you another election someday?

SaveOurRepublic

July 1st, 2009
6:25 pm

No & No…re baulouts for CA &/or Atlanta. When you take the(taxpayer funded) subsidies from the Feds, you’re thereby indebted unto them.

P.S. – Please understand the GOP & DNC “leadership” are two sides of the same (Globalist Elite) controlled coin & this “Left vs. Right” paradigm is leveraged as controlled mechanism to deceive the sheeple!

http://www.infowars.com

Clint

July 2nd, 2009
6:31 pm

No , California has played the part of disobediant child for years and now wants to be petted for its excesses. Wassn’t it the great state of Cal. that decided to make every illegal in its borders a state resident? This country has been in an economic slump for several years and non-tax paying residents are a very large part of the problem. They not only take jobs away from those whom would be paying taxes, but they undermind they very way of life that we all should be enjoying. Its basic economics on a stupid persons level- if you dont put back what you use today, it wont be there tomorrow. You cant give to every hand that is out without it effecting what you have to feed yourself. I have an idea, how about all the big HollyWood hot-shots give back to the state that made them so popular! It makes sense that an average movie mogal can be worth millions of dollars for a few months of work and someone who WORKS for a living should starve. Of course, no-one is forcing anyone to live in California and now that the gold is gone (irony I think) maybe the star strike-it-rich mentallity wil finally wear off. The short and curly of it all sums up to this; take care of your own backyard and quite blaming someone else for it looking so bad!