It wasn’t so long ago that California was the Golden State, a magnet for internal and internal migrants.
No more. The California dream has become the California nightmare as the state is stuck in a fiscal meltdown. California now leads the nation in deficit, debt and the amount of residents escaping to other states.
The chicken — of decades of extravagant social spending that bred generations of self-absorbed “entitled” residents, legal and illegal — finally has come home to roost.
Only four months after the legislature approved a controversial plan to close a $24 billion shortfall in the current fiscal year — through state worker furloughs, partial closures of state parks, and funding cuts to the California State University and University of California (UC) systems and many health and welfare programs — the state will face a $20.7 billion deficit next year. Worse still, many one-time fixes state leaders have relied on in the past to close deficits are not available. The state will face $20 billion annual deficits through 2015 if permanent fixes are not made.
Even though U.C. assured students that those from low-income families will not be affected because of grants and subsidies – about 30% or 53,000 of UC are eligible for the free tuition – students still protested in a near riot.
Stay tuned. It won’t get better for the “Golden State.” It will only get worse.