California is America's Greece

To think that Greece's troubles are an ocean and a sea away from where we stand in North America is to have your head in the Mediterranean sand.  In Greece we havea near bankrupt, over-indebted, overspending nanny state, drowning in future liabilities;where civil servants are pampered and overpaid; in which unions are demanding a continuation of their inflated wages and entitlements; andproductive individuals and businesses are leaving for more favorable climes.Where have we heard all this before? Ah yes: California.California is our Greece, and New York is our Italy.The PIIGS, as they are called, being the fiscally fragile EU sub-community of Portugal, Italy, Ireland, Greece, and Spain (with Britain not far behind), are all countries facing potential financial collapse. They bought into -- or by joining the EU, were brought into -- the great 20th-century political model of the social democracy. This is a model that holds that the state, or the government, is the umbrella under...(Read Full Article)