Jeff Wartman

Wayne Allyn Root has illustrated the truth about the failed liberal fiscal policies in California.

The latest reports are out- and there’s good news and bad news for California. The good news is that California leads the nation. The bad news is that California leads the nation in deficit, debt and the amount of residents escaping to other states. The Mamas and Papas are rolling over in their graves. The California Dreamin’ of the 1960′s has morphed into the California Nightmare.

My new book “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gambling & Tax Cuts” is about the fact that liberal fiscal policies, government expansion, government employee unions, and government over-spending have all combined to bankrupt America. Examining the economic crisis occurring at this moment in America’s largest state proves the point of my new book beyond a shadow of a doubt. “The People’s Republic of California” experiment is Exhibit A that liberal “tax and spend” fiscal policy is a terrible failure. It is an experiment gone bad. VERY bad.

And now we’re finding out that California won’t be able to pay out tax returns on time.

California’s controller says he will begin a 30-day delay on tax refunds and other payments starting Feb. 1 because the state is running out of money.

Controller John Chiang said Friday he must delay $3.7 billion in payments next month because lawmakers have failed to address California’s growing deficit.

With a $41.6 billion shortfall over the next year-and-a-half, the state is on the brink of issuing IOUs.

Chiang says his office must continue education and debt payments but will defer money for tax refunds, student aid, social services and mental health programs.

A severe drop in revenue has left the state’s main bank account depleted. The state had been relying on borrowing from special funds and Wall Street investors; those options are no longer available.

Translation:  We took too much money from you, and now we won’t be able to give you your own money back on time.  Only in California.