The Golden State Is Crumbling
North Dakota vs California
Cultural leaders making headlines cursing the 1% have made it a virtue to force California taxpayers to help pay for electric cars purchased by millionaires.
It is a mathematical impossibility that California's "renewable" technologies will ever make economic sense in a world awash in oil and gas. This makes the results of all this malinvestment entirely predictable. As North Dakotans become rich pumping oil, Californians are going broke erecting a vast subsidy-dependent green infrastructure primed to collapse the moment the funny money runs dry.
This year's state budget will be $6 billion in the red, even after painful cuts in education, health care, and transportation. And despite the fact that 1 percent of the state's income earners already shoulder half the state's income tax bill - leading one third of California's high income residents to flee the state over the past several years - Governor Jerry Brown is plumping for a ballot initiative to jack up taxes on "the rich" even higher.
And the vaunted entrepreneurs of Silicon Valley? they are salivating over the free money being served up by Obama's energy department, using it to leverage up their bets on windmills, solar plants, and algae farms