I never considered California a nation, but apparently its economy is as large as one. In fact, yesterday California was bumped up ahead of Iceland and Iraq to the top 10 of most likely nations to default. Governor Schwarzenegger is preparing to deliver a huge blow to Californians with devastating budget cuts to those who need it the most, the poor, children and elderly. I used to be all for high speed bullet trains like the one they want to build between Los Angeles and San Francisco. Today I don't think it's such a good idea or understand why politicians think California can afford it. Perhaps they think in terms of stimulating the economy with such huge projects, but it still ends up coming out of the taxpayer's pocketbooks.
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California appears to be the first state in the U.S. set to default. No one really knows what that will really mean or how it will affect people's lives.
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