oh yeahhhhh… friday mornings, gotta luv it… though for some reason i went through most of yesterday under some damn illusion that it was friday — talk about hopefoo thinking… hate it when that happens… anywho, let’s see what victor is talking about this week — Is California Cracking Up?
Corporate profits at California-based transnational corporations such as Apple, Facebook, and Google are hitting record highs. California housing prices from La Jolla to Berkeley along the Pacific Coast can top $1,000 a square foot. It seems as if all of China is willing to pay premium prices to get their children degreed at Caltech, Berkeley, Stanford, UCLA, or USC.
Yet California — after raising its top income tax rate to 13.3 percent and receiving record revenues — is still facing a budget deficit of more than $1 billion. There is a much more foreboding state crisis of unfunded liabilities and pension obligations of nearly $1 trillion.
Soon, new gas tax hikes, on top of green mandates, might make California gas the most expensive in the nation, despite the state’s huge reserves of untapped oil.
Where does the money go, given that the state’s schools and infrastructure rank among America’s worst in national surveys?
ahhhh california… both awesome and shitty at the same time, y’know?