We can’t let the European-led rescue plan for Greece pass without a note or two about California.
Obviously the excesses of the regime in Athens run closely parallel to the excesses of the various regimes in Sacramento.
Too many civil servants make too much money.
Too little time has been spent on telling the truth about state obligations for pensions, bonds and all sorts of things.
Too much time has been spent with fiddling with dates of payrolls and one-time fixes that don’t really accomplish anything.
In order to keep the bond market vigilantes at bay, Greece required a $1 trillion rescue package. A rescue package for California would probably require tens, if not hundreds, of billions of dollars, effectively placing the state into a receivership or trusteeship with dire consequences for state services and the public sector.
California, heal thyself. Or become the new Greece.