IOU

It has been reported that the State of California will be issuing IOUs as they are out of $. No more $.



I believe the first IOUs be issued to government workers starting at the top.



No, Arnold doesn't need the cash but you can bet each and every other legislator, most of the clerks, several of the guards, and all of the street cleaners will get the picture.



Something has to give. If you or I run out of $, something has to give. We'd sell things, eliminate cable TV, and stop eating out. Cut expenses wherever we could. Has California cut anything?



Let the IOUs begin in Sacramento.



California is not alone. Illinois is currently without a balanced budget. It's just a matter of time before Springfield runs out of $. They will be increasing our state income tax. Will the increase be just 50% or will they go for 67%. That's right.



'til later