A state that practices massive wellfare handouts, has finally run out of cash, as more and more people moved there to get the goodies and tax take plummets.
This has been building for many years, it should have been addressed about 10 years ago.
They were running up a deficit in the good years - how could they cope in the lean years - of course they can't.
Fitch last week downgraded its rating on California's general obligation debt making it the lowest rating of any U.S. state.
Going forward, there is speculation, the state's vendors and agencies will be paid with IOU notes - LOL.
http://www.cnbc.com/id/31677238
The rest of the USA ain't far behind.
