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Better than pink slips?

Sobering (if slanted) analysis from Kevin Hassett at Bloomberg on the California crisis and what it could mean for Obamanomics.

$3.3 billion in IOUs for the month of July alone. So annually roughly $40 billion owed that is lighter than air.

California’s Nightmare Will Kill Obamanomics

Presumably Hassett doesn't believe there's $1.1 trillion in the current health care system that could be re-provisioned.

Best case scenario? The do-nothing alternative and health care costs continue to sky rocket, leaving the working poor in bankruptcy court and the middle class holding the bag.