Tuesday, June 22, 2010

California is not Greece

As you know, Greece's national debt is approaching junk bond status, and Greece's population wants oodles of government services but is unwilling to pay taxes to support them. Sounds just like California, you say. Well, except for two important differences:

  1. California's economy is FIVE TIMES LARGER than that of Greece, and
  2. Greece's budget deficit is running 6-7% of GDP, while California's is running at.... uhm.... around 1%.
Yes. 1%. 1% of California GDP. California could close up its budget deficit gap with a whole 1% tax.

Why they don't do it? Hint: Starts with an "R", and last syllable rhymes with "can't". The Party of No strikes again!

-- Badtux the Budgetary Penguin

Posted by BadTux at 6/22/2010 07:07:00 PM
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1 comment:

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