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The bailout has been signed into law. Wall Street and the Financial Sector can breath easier, knowing that they have a future. Now that we have become an official socialist state, we can expect out-stretched hands from all corners, desperate for Uncle Sam to save them from themselves. It should come as no surprise that, as always, California leads the way.
SACRAMENTO -- California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
It's customary for California to borrow billions of dollars at the start of the fiscal year to fill its coffers until the usual flood of sales tax receipts comes in after Christmas and income tax receipts arrive in the spring.
"California is so large that our short cash-flow needs exceed the entire budget of some states," Schwarzenegger wrote.
Why, you may ask, does California, one of the largest economies in the entire world have such a problem? Hmmm.
California: Welfare Capital of the U.S.
1. The percentage of residents on welfare in the Golden State is now more than triple that of the rest of the U.S. If it reflected the rest of the country, California would have 800,000 fewer people receiving welfare.
2. While caseloads in the rest of the U.S. have dropped over 30% in the past five years, California’s has gone up about 6%.
3. As a result, though it has only about 12% of the total U.S. population, California’s share of the welfare caseload has risen from 22% in 2002 to over 30%.
4. There are more welfare recipients per family in California, and that number has crept upward in the past couple of years, perhaps indicating that California welfare mothers are bearing more children that those in the rest of the U.S.
According to StateMaster the foreign-born population of California is 26.8% of the total, far and away the highest in the nation. (New York is a distant second, at 21%.) And according to the U.S. Census, nearly half of California's foreign-born were natives of Mexico as of 2006. In strictly economic terms, agricultural labor, low educational levels, and higher crime rates mean that they aren't doing too many Silicon valley startups.
Remember when the voters of California overwhelmingly approved a measure to deny welfare to illegal aliens? The 9th Circus Court declared it "unconstitutional". Shut up and pay up, suckers.
According to new data from the Department of Public Social Services, nearly twenty five percent of Los Angeles County ’s welfare and food stamp benefits goes directly to the children of illegal aliens, at a cost of $36 million a month -- for a projected annual cost of $432 million.
“The total cost for illegal immigrants to County taxpayers far exceeds $1 billion a year – not including the millions of dollars for education,” said Antonovich. “With $220 million for public safety, $400 million for healthcare, and $432 million in welfare allocations, illegal immigration continues to have a devastating impact on Los Angeles County taxpayers.”
Liberal social philosophy is producing it's inevitable results in California, and the other 49 states are going to be asked to foot the bill. This is NOT North Mexico. The Reconquista hasn't happened...yet. But the old saw "As goes California, goes the nation" is particularly relevant in this situation. Ahhnold the RINO wants you and me to bail out his very foolish state. California has become an anchor, and if it ever falls into the Pacific, it will drag the rest of America into the drink.
Cross-posted and comments welcome at Anti-Strib.
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