I have been pessimistic for several years. That may be just my own psychological makeup but I am not the only one.
California is getting a bit agitated about what is happening in China.
Gyrations in the stock market have taken California’s fragile finances for a ride before — when the dot-com bubble burst, when the Wall Street crash sank the national economy less than a decade ago.
So when the market continued its dive Monday, state officials began glancing around for their seat belts.
More than most states, California depends heavily on taxes from the wealthy, pulling about half of its income tax revenue from just 1% of residents in recent years.
California is a top down society because it depends on income tax. Texas doesn’t and its state government is funded by sales tax, which everyone pays, even illegals.
The Obama Administration has been playing a Ponzi Scheme for years.
A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.