◼ President Obama raked in a hefty $15 million from Hollywood’s elite at George Clooney’s home last week. The $40,000 per plate star-studded crowd cheered the president’s just-in-time conversion to same-sex marriage; are they equally enthused about Mr. Obama’s economic prescriptions? - thefiscaltimes.com
Californians should know better. Their state, best known for red carpets, is awash in red ink, just like the federal government. Earlier this week, Governor Jerry Brown announced that the state’s budget deficit will approach $16 billion this year, up from $9.2 billion projected just a few months ago. Years of misguided financial policies have led to this: stifling taxes and savage cuts to public services – including Medicaid, childcare and welfare programs.
Even movie stars occasionally venture out. What do they find? A state with 12 percent of the country’s population and one third of its welfare recipients. A state with the nation’s lowest bond ratings, the second-highest marginal income tax rate and the third highest unemployment rate. Most important – a state that CEOs rank the worst in the country for doing business. Dead last! For the eighth year in a row.
The upshot? Businesses are leaving California.
◼ Bloated Union Contracts Have Busted State Budgets
◼ 10 Insanely Overpaid Public Employees
