an Awful time for benevolent people

These are some of the problems that larger givers to charities and other benevolent activities are running into. Since I live in California I can only speak about California in this regard and not the rest of the world. The last few years has been hard on everyone. But no one has it been harder on than the truly needy. And the main reason many wealthy people cannot give as they once did is that if they did they could risk bankruptcy or worse in these times. For example, almost everyone who has anything has a good portion if not all of their wealth tied up in their home. And for 11 million homeowners in the United States these homes are underwater which means many are worth half of what they once were and underwater specifically means that the people now owe much more than the whole house is  worth or might ever be worth. I just looked up as of 2004 there were 73.8 million homeowners in the U.S. So that means that almost 15% of U.S. homeowners are now underwater in their mortgages if I use the 2004 figure of ownership. So to be benevolent during this time for them might mean losing their homes or going bankrupt. Another problem specific to California is that now 70% of state quarterly paid taxes is now due the first quarter but the last 30% isn't due until the last quarter. It normally is 25% each quarter prepaid. Because of the 70% California State Tax law many borderline businesses will go bankrupt and continue to dry up taxes in California as they go under. I understand why California is doing this in desperation because a State legally isn't allowed to go bankrupt. Another thing the state is having to do is to take money from County and City coffers in this emergency. So, for example, in my county area about 15 to 20 million dollars is being taken from local coffers that would fund local social services, road repairs, etc.

So, not only is the world deleveraging and Greece deleveraging  also  California and Californians are deleveraging. Though we might find a way out because of the brain power and financial power of having more millionaires living here than almost anywhere else on earth, one wonders how long all these millionaires will choose to live here under they present world conditions. However, it is still a very beautiful place to live especially all along the California Coast all the way up into the Sierras.