July 13th, 2009
Congressman Tom McClintock offered remarks in Washington, D. C., on Friday to the Competitive Enterprise Institute and Pacific Research Institute that clearly illustrate why California is facing such a large fiscal mess. His beginning joke is so funny because it is so true:
“I know that everybody likes to poke fun at California – but I can tell you right now that despite all of its problems, California remains one of the best places in the world to build a successful small business. All you have to do is start with a successful large business.”
Here is the rest of the speech:
Laugh if you will, but let me remind you that when these policies finish wrecking California, there are still 49 other states we can all move to – and yours is one of them. I should also warn you of the strange sense of déja-vu that I have every day on the House floor as I watch the same folly and blunders that wrecked California now being passed with reckless abandon in this Congress.
We passed a “Cash-for-Clunkers” bill the other day – we did that years ago in California.
Doubling the entire debt every five years? Been there. Increasing spending at unsustainable rates? Done that. Save-the-Planet-Carbon-Dioxide restrictions? Got the T-Shirt.
To understand how these policies can utterly destroy an economy and bankrupt a government, you have to remember the Golden State in its Golden Age. A generation ago, California spent about half what it does today AFTER adjusting for both inflation and population growth. Continue reading