The state of California is officially broke, according to the Associated Press. The state is now issuing “IOU’s” because it doesn’t have the money to pay its bills.
I find it ironic that the federal government recently adopted the California model for emissions and carbon reduction. In a state where 80% of all the revenue goes to entitlements, I fail to see why the Fed would want to model itself after a state that drove itself bankrupt because of poor fiscal planning and an impossible environment where power blackouts and jammed highways are the norm.
It is time for a recall vote yet for Congress??