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December 17, 2012

Good news for Cali?

Fitch Ratings thinks so.

The New York debt-rating service issued a statement Wednesday praising the state for winning approval of two tax increase initiatives last month and for making significant spending cuts over the last several years.

"The state's fiscal recovery is incomplete and challenges remain, but continued economic improvement, a demonstrated commitment to more sustainable budgetary operations and progress on reducing budgetary debt would be viewed positively by Fitch," said Doug Offerman, a senior director.

Count me as very skeptical. (An early bit of support for my skepticism is here.) The same structure and the same behavior usually yields the same results.  Some of the ongoing news:

"Thunderdome in California?'

This is the dystopia where blue ultimately leads. As money gets tight, cities have to choose between paying pensioners or paying for vital services. If California’s courts rule for the pensioners, they’ll be forcing a harsh reality on San Bernardino’s residents. Fighting for scraps in the ruins of a higher civilization?

"San Bernardino council votes to slash budget more than $26 million".

Instapundit commenting on Dr. Housing Bubble:

"I think what you are seeing is really the bifurcation of the state. That is, you have a high income subsection fighting for certain cities (with no new housing development) and a growing number of lower income Californians in areas that are seeing very challenging economic times.”

Funny how you often see this sort of bifurcation in areas run by liberal Democrats who spend a lot of time talking about equality.

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