Jul 24 2012
Both Italy and California experience that wonderful Mediterranean Climate that people wish to live in. And they both produce some of the world’s finest wine, as well as being renown tourists magnets.
But they also are two of the areas in which leftist, socialist policies have made financial promises the tax base just cannot support, and so both going bankrupt one city at a time:
Italy’s financial outlook darkened on Monday amid warnings that 10 cities are at risk of bankruptcy and schools may not be able to open in the autumn because of drastic spending cuts.
The cities at risk of running out of money include Naples, Palermo in Sicily and Reggio Calabria, on the toe of the Italian boot, according to the Italian press.
The Democrats are turning once vibrant economies into third-world disasters at a frightening pace, with California leading the implosion here in the US:
First, Vallejo, in 2008. Next, Stockton, then Mammoth Lakes and, now, San Bernardino and soon, perhaps, Compton. As Orange County Supervisor John Moorlach told Bloomberg News, the bankruptcy dominoes are starting to fall. One California city after another – following a decade-long spree of ramping up public-employee pay and pension benefits, as well as redevelopment debt – are becoming insolvent.
And the state’s legislators have nothing constructive to offer.
California’s exclusively Democratic leaders not only are unwilling to rein in the costs of benefits for their patrons, the public-sector unions, they have been erecting roadblocks in the paths of localities that want to fix the problem on their own. Yet all the political hurdles in the world cannot fix the basic problem of insolvency.
If anyone wants to explain to the voters what 4 more years of liberal insanity will bring, look no farther than Italy and California. Two regions of the globe blessed with all the perks life on Earth has to offer, and yet the left has proven they can screw up anything, given enough time and taxpayer money.