California is in a bad financial state, to say the least. A bailout of the state is even an important part of the talk, at this point. A more severe blow came in the form of California voters rejecting their Governor’s proposed package to balance the budget.
That alone might be enough indication that Schwarzenegger will no longer enjoy any political victory in California in the foreseeable future. In fact, he just might no longer have a career in mainstream politics after his tenure ends in 2011.
California has a huge budget deficit. $21.3 billion to be exact. Six years in office and Schwarzenegger has not been able to reform the system. California’s economy is on the brink of collapse, financial experts say. ‘Personal income has shrunk for the first time since 1938 amid the recession and double-digit unemployment, dragging the tax income down.’
Californians rejected the proposal items on a spending cap, some tax increases, and borrowing against lottery revenues. What they want are nice roads, good education system, the usual conveniences, and yet they are not willing to pay for these.
Either Californians are acting like spoiled brats or holding office during an economic meltdown is an utterly unfortunate political fate.
Via TIMES ONLINE