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Running out of other people’s money: A California legislative committee yesterday approved a single-payer state healthcare plan that is estimated to cost $400 billion, twice the state’s entire annual budget, without indicating how they intend to pay for it.
Details, details! Who cares about how one pays for an entitlement program? The point is to pass it, and let your great-granchildren figure it out. In this case, however, the problem is so large that it’s impossible to do without the funding in place first, because of the need to pay providers for goods and services. California hardly has an extra $200 billion laying around, and even if it did, it would need to shore up its collapsing pension system first. The state is also on the hook for a $100 billion high-speed rail system whose funding is still unclear. Democrats don’t have much idea about how to pay for their current priorities, let alone their seizure of the health-care sector. [emphasis in original]
The leftists in California want to secede from the U.S. Maybe we should let them, since that state is about to go bankrupt and I am sure most Americans in the remain 49 states don’t wish to stuck with the bill.