I am a resident of California, the world's 8th largest economy.Formerly a resident of Oregon and their fine higher education system, but California born and raised.
Source: http://econpost.com/californiaeconomy/california-economy-ranking-among-world-economies
I am not going to address this nonsense of California going the way of Greece. We have enough right leaning California haters writing for the Wall Street Journal, National Review, and the Weekly Standard. They gladly prop up welfare states like Louisiana, Alabama, and Mississippi because they are solid Republican states, but forget that Democratic states such as California and New York are subsidizing those God fearing, welfare Republican states via Federal tax dollars.
Source: http://www.taxfoundation.org/research/show/22685.html
Source: http://scatter.wordpress.com/2009/02/16/red-state-blue-state-welfare-state-subsidizing-state/
Regarding state bankruptcy, it is a political canard aimed to defund and disempower the 1st Amendment rights of citizens in each state to "peaceably assemble" in unions. Republicans and tea baggers want this state bankruptcy legislation to pass so that states would have to dissolve public employee unions in order to cut budgets, cut consitutionally (state) protected public employee pensions, and allow Republican interest groups to fill the power vacuum leftover from the dissolved. overwhelmingly Democratic public employee unions.
The problem is, Obama has the "shut the eff up" card AKA the presidential veto. In order to override a presidential veto, there needs to be a two-thirds vote of both chambers of the US Congress meaning Republicans need 292 House members (They currently have 242 vs. 193 Dem) and 67 of the 100 US Senators to vote yes in overturning a presidential veto.
In the end, this is shameless political theatre just like the repeal of Obama's healthcare bill. They know Obama has the "shut the eff up" card, they don't have any meaningful influence with enough Democrats to overturn a veto, and they hope they can drag it out on Fox News well until the 2012 election. Well baby, it ain't going to happen, plenty of news between now and then.
Source: http://www.gpoaccess.gov/constitution/pdf/con001.pdf
