California's Collapse Could Drag Down U.S. Economy [AP]

[Hemidakota]

ARTICLE EXCERPT:California accounts for 12 percent of the nation's gross domestic product and the largest share of retail sales of any state. It also sends far more in tax revenue to the federal government than it receives — giving a dollar for every 80 cents it gets back — which means Californians are keeping social programs afloat across the country. While the deficit only affects the state, California's deepening economic malaise could make it harder for the entire nation's economy to recover.
When the state stumbles, its sheer size — 38.3 million people — creates fallout for businesses from Texas to Michigan.
"California is the key catalyst for U.S. retail sales, and if California falls further you will see the U.S. economy suffer significantly," said retail consultant Burt P. Flickinger, managing director of Strategic Resource Group. He warned of more bankruptcies of national retail chains and brand suppliers.

ARTICLE LINK: Newsmax.com - California's Collapse Could Drag Down U.S. Economy

[FunkyTown]

Wait... Isn't California a mostly liberal state? o.O Shouldn't that mean that it requires more taxes than other states?

[Dravin]

Semi-related: You balance the budget - Los Angeles Times

[freckleface]

Interesting post hemidakota. Being a so cal resident, I'll comment.

Watching the economic crisis unfold before our eyes has been frightening to watch. Luckily we were left pretty much unscathed until just recently. Owning our business, we were able to work hard over the years and not worry about losing a job. However, another thing has happened. People just won't/can't pay us. We do the work, but never see the money. Were talking about big companies, businesses you see on Rodeo Dr. in Beverly Hills and shops that are dotted throughout some of southern California finest shopping. We have so much money owed to us and simply can't collect. It's frightening.

I see a move in the future is probably imminent. Leaving my ward that I love, my son relocating schools and finding new friends is heartbreaking. We can no longer afford our current location and will have to simplify.

Just another hard working, over taxed family watching the hammer come down on them.

[Hemidakota]

Originally Posted by Dravin

Semi-related: You balance the budget - Los Angeles Times

Oh that was a good link...

[Hemidakota]

Originally Posted by freckleface

Interesting post hemidakota. Being a so cal resident, I'll comment.

Watching the economic crisis unfold before our eyes has been frightening to watch. Luckily we were left pretty much unscathed until just recently. Owning our business, we were able to work hard over the years and not worry about losing a job. However, another thing has happened. People just won't/can't pay us. We do the work, but never see the money. Were talking about big companies, businesses you see on Rodeo Dr. in Beverly Hills and shops that are dotted throughout some of southern California finest shopping. We have so much money owed to us and simply can't collect. It's frightening.

I see a move in the future is probably imminent. Leaving my ward that I love, my son relocating schools and finding new friends is heartbreaking. We can no longer afford our current location and will have to simplify.

Just another hard working, over taxed family watching the hammer come down on them.

I feel for you...it is people like you that made California reside as number '8' largest economy in the world.

[Dr T]

I watched news on it today and have been reading about it. We are in HUGE trouble that way. I hear what you're saying Freckleface. I'm owed tons of money too, I've been getting letters of people going into bankruptcy or they just don't pay. There is something about attorney's getting money up front that I like now.

[freckleface]

Thanks Hemidakota. It's time for us old California prune pickers to get tough.

[freckleface]

Originally Posted by Dr T

I watched news on it today and have been reading about it. We are in HUGE trouble that way. I hear what you're saying Freckleface. I'm owed tons of money too, I've been getting letters of people going into bankruptcy or they just don't pay. There is something about attorney's getting money up front that I like now.

Hang in there, Dr. T. I'm pulling for you. This is the part where Heavenly Father teaches us lessons about faith, patients . . . and a whole buncha stuff!

Freckleface

[pam]

Freckleface I just have to tease you here a bit..please take no offense:

This is the part where Heavenly Father teaches us lessons about faith, patients . . . and a whole buncha stuff!

Normally it would be spelled patience..but with Dr T...patients would be appropriate.

hahaha