Posted By: Garywk
Left wing financial lunacy - 06/02/17 06:47 PM
The state senate of California has just passed a bill to enact single-payer, fully socialized medical care, in California. How is it financial lunacy? They passed the bill but have no idea as to how they will pay for it. Not a clue.
California had a total tax revenue of $112.3 billion in 2012, the latest year for which I could find this information in a short search. I have heard, but could not verify that California's tax revenue for 2016 was $200 billion. The estimated cost for their health care bill, according to the bill's sponsor, is, get this, $400 billion a year. That is more than all their yearly tax revenues combined. Far more.
This is what comes from following John Maynard Keynes thinking as he is the proponent of spend your way to wealth. Do not save. Spend, spend, spend, and when you cannot keep spending because you are bankrupt, keep on spending. It was his idea that governments can spend forever with zero consequences.
When, not if, California now begins defaulting on its debts it will be a far larger financial earthquake than when Greece defaulted as California has a GDP larger than many countries.
The Marxist democrats are determined, one way or the other, to destroy the US. No doubt about it when they do this kind of idiocy.
California had a total tax revenue of $112.3 billion in 2012, the latest year for which I could find this information in a short search. I have heard, but could not verify that California's tax revenue for 2016 was $200 billion. The estimated cost for their health care bill, according to the bill's sponsor, is, get this, $400 billion a year. That is more than all their yearly tax revenues combined. Far more.
This is what comes from following John Maynard Keynes thinking as he is the proponent of spend your way to wealth. Do not save. Spend, spend, spend, and when you cannot keep spending because you are bankrupt, keep on spending. It was his idea that governments can spend forever with zero consequences.
When, not if, California now begins defaulting on its debts it will be a far larger financial earthquake than when Greece defaulted as California has a GDP larger than many countries.
The Marxist democrats are determined, one way or the other, to destroy the US. No doubt about it when they do this kind of idiocy.