California is de facto bankrupt. The state has many billions in deficits, the exact amount not clearly known because the figures are so politicized and the accounts so inherently messed up. The state Constitution does not allow for deficit spending covered by borrowing, but lenders and everyone else have pretended it does and loaned money by buying revenue anticipation bonds and other devices.
So how does our Terminator Governor propose getting us out of debt? By borrowing at least $222 billion more and spending our way out — of course.
What else would a politician do in America today? Bush and Cheney, the Supreme Leaders, have officially proclaimed to the entire world that deficits don’t matter. They use the ancient magical way of thinking known as single entry bookkeeping: Only assets count; there is no column for debits to subtract from assets. So all you have to do is borrow and borrow, spend and spend, cut taxes, cut taxes, borrow and borrow, spend and spend, ad infinitum and you are on your way to utopian heaven of infinite and eternal prosperity and total power over the entire world.
The Governator is simply following the lead of the Supreme Leaders, marching to the beat of Utopia. If you have $20 Billion or so in debt the obvious way out is to borrow and spend $222 Billion. That’s Supply Side Positive Thinking. Isn’t it perfectly obvious? Of course it is to any modern, positive thinking American.
Anyone who does not see this as the obvious way to solve California’s growing Crises and America’s and the world’s is an enemy of the people, that hated Monster stigmatized by all right thinking Americans as a doom and gloomer.
All true red-blooded Americans know and take it for granted that the American dream will conquer all problems and save us from all crises. Just dream the impossible dream and it will come true. The only thing in the way of fulfilling our national dream and our destiny of controlling all the world and all its wealth is negative thinking by doom and gloomers. If we simply have universal faith by all true believers we can conquer all problems. Faith Healing is the only true healing.
Yesterday George Bush solved America’s awful crises in Afghanistan, Iraq and the rest of the world by calling a TV faith-healing congregation of previous foreign policy self-proclaimed experts who got us into these soaring crises to pronounce their faith that everything is coming up roses. Poof! Bush solved our foreign policy crises in the same way the Governator solved our bankruptcy problem here in California and did it on the same day. It’s a miracle produced by American faith and single-minded thinking about our assets!
And today Bush is doing what the Governator did yesterday for the whole U.S. — spreading faith healing for the American economy by sending Cheney and our other brilliant financial thinkers out to every Media outlet in the land to sing the praises of single entry bookkeeping! And he has announced at the same time that he is going to cut taxes more and more, spend more and more, borrow more and more and lead us onward to that Heaven On Earth.
All things are possible, America, only believe! dream the impossible dream and it will be true! utopia is ours now!
I am so filled with faith and Americanism I’m going to rush out and spend and borrow and spend some more to become infinitely rich — by investing in the lottery!
Jack D. Douglas [send him mail] is a retired professor of sociology from the University of California at San Diego. He has published widely on all major aspects of human beings, most notably The Myth of the Welfare State.