California is going bankrupt and according to Governor Arnold Schwarzenegger there is no turning back. “We tried everything. We have no money. We must come up with creative solutions to save the state,” the Governor told reporters.
California is a complete and total economic disaster area. The state government of California is projected to have a budget deficit of at least 19 billion dollars this year, and next year the budget gap is projected to grow to 37 billion dollars. To put that in perspective, the entire budget for the government of California is only about $125 billion per year. Already, California’s credit rating is the lowest of all 50 states, and going lower.
“It’s over,” said State Senator Warren Pool of San Jose.
How is California going to get the cash it needs to survive?
China.
At the invitation of Governor Schwarzenegger, Chinese leaders flew to Sacramento to work out a deal to purchase California. “The deal is that we will still be part of the United States, but China will take over the state government. They will make all the economic and political decisions within the state, but they will yield to the federal government on national issues.”
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