California is one almighty mess:
About one in every five dollars spent by the state is now money it doesn’t have. Given California is already spending about 7% of its budget servicing its existing debt – a legacy of [its] reluctance to countenance adequate tax levels – that’s more than merely a nuisance. If governor Arnold Schwarzenegger is to be believed, it threatens to utterly derail state finances.
Let’s be clear. People want services. In a downturn people desperately need services. They have to be paid for. That’s what tax is for.
Tax is not a burden, imposition, sequestration or theft as some would like to claim.
Tax is about providing (and sharing) the common wealth.
We can’t do without is.
So let’s embrace it. With enthusiasm. It’s a good thing.
Looks like California is going to have to learn that the hard way.
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