California’s Liberal Death Spiral
Just as baby boomers are reaching retirement or fleeing the state, a dearth of children threatens to turn the Golden State into the golden years state with potentially dire economic consequences.
California was once a leader where the “next big thing” would happen and then migrate to the rest of the country.
With an economy among the world’s largest if it were a separate country, it in a sense still is, having already gone over its own fiscal cliff, beset by low growth, high taxes and regulations, an exodus of business and population, and a staggering debt of unfunded liabilities.
As the basic transformation of America promised by President Obama continues, California offers a glimpse into the future of what happens when governments operating on progressive socialist ideas start running out of other people’s money. To make matters worse, California is about to run out of those “other people.”