The Sick Man of Europe is a phrase that was first used to describe the waning Ottoman Empire. Since then, it has been applied to various European countries over the years suffering from political and economic dilapidation, whether it was Britain or, later, Germany.
In the United States, we have our own “sick man.” California is gravely ill. It is suffering from ideological madness, economic illiteracy, stubborn pretension, and general Democrat corruption. As Donald Trump nears passage of repealing Obamacare, on cue, as predicted, California is putting into motion its own single-payer proposition, S.B. 562. It sounds like a virus.
As the state teeters on a raft of businesses fleeing to friendlier states, this will only accelerate that trend. If Silicon Valley catches a cold and sneezes, and it too decides to migrate elsewhere, the muni bonds for the entire state immediately default. The pensions alone are bound to do it anyway, even with Silicon Valley remaining. The math will simply refuse to go along any farther.
The left has already radically injured the state finances, as the budget is over $150 billion in debt even as it has increased taxes by more than ever before. And now, with another new entitlement, at $370 billion a year projected in the first year – even if you slush-fund all the other accounts into one from Medicare to Medicaid to the ACA – massive new taxes on businesses and individuals would be required to fund this pig.