President Barack Obama Message Board

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Politics : President Barack Obama

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To: tejek who wrote (113938)	5/19/2012 12:35:43 AM
From: Bread Upon The Water	Read Replies (1) of 149317

OK--so you are likening the need for the European Union to bailout Greece to the redistribution politics that goes on in Washington with tax revenue.. This is not the same thing--at least not in degree. These US states are not failing fiscally (although their tax revenue is down due to the economy) and they are balancing their budgets--(something like 46 of the States have balanced budget requirements in their State Constitutions.) Plus they are collecting tax revenue. IN other words they are attempting to fulfill their financial obligations and are playing by a common set of cultural financial norms in this regard. That is the problem in the Greek case--two (or 3 or 4) different set of cultural financial norms are in opposition. I don't think political states can exist in such a condition for long. One set of financial norms will have to prevail or the political entity will fail. This is probably the problem in California. Although the rules are pretty much agreed upon the values underlying the rules are not. It's pretty much a given Greece will have to go because they give no indication of changing. Would you agree California is perilously close to bankruptcy if Brown doesn't get his tax increase?

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