Sure looks that way to me. I wrote and article recently that people with school age children in California might be forced to home school or take their children's education into their own hands if they want their children to have a good future.
However, if the state does go bankrupt(I don't know of any state that has done this before in the U.S.) education might be the least of our worries.
We should be worried about police, firemen, state hospitals, state prisons, inmates and where they are going to go with no money to run the prisons etc.
California is the 8th largest economy in the world. The whole world will be seriously affected in ways never seen before if the state goes bankrupt.
And to think all this was caused originally by Enron and all the other energy companies that stole billions of dollars from our state's coffers because our state stepped in to prevent the gouging of billions from those who needed the electricity during Governor Davis' term. Sounds a lot like the subprime and credit default swaps doesn't it.
Will the subprime and credit default swaps bankrupt the U.S. the way crooked energy companies have possibly bankrupted California?
Will the other western states that were bilked by energy companies like Enron go bankrupt next. Time will tell.
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