California Out of Money

(Sacramento, California) According to California State Controller John Chiang, it's tin cup time in the golden state.

The controller says California is down to Plan D on its checklist of paying bills. Its cash reserves are piddling; the special funds it borrows from are tapped out, and no one in the private sector is going to lend it any cash at a reasonable interest rate.

That leaves what in state government circles are called "payment deferrals" and what in real life is called "stiffing your creditors."

In this case the creditors include income taxpayers expecting refunds, college students waiting on state aid, counties that operate public assistance programs, and companies that sell goods and services to state agencies.

Fortunately, just as the state of California goes into an official begging mode, President Obama and Congressional Democrats are finalizing a gargantuan giveaway program. How fortuitous, eh?

Interestingly, Arnold Schwarzenegger defeated every conceivable enemy during his acting career only to have The Terminator turn into Spineless Jellyman when confronted with the challenges of governing. It shows the disconnect between fiction and reality. All too often, the hero in the movies is no more than an ordinary schlub in real life.