California, a Democrat controlled state, held its first "Cap and Trade" auction. What a bust.



California has run a deficit every year for more than 30 years.  I was born and raised in this state and have watched its slow demise from the time of my first adult political memory.  

The state has an unemployment rate of 11% and has lost nearly 900,000 net jobs since the advent of Obama.  It ranks as 48th in terms of its relationship to business.  It is the third most environmentally regulated in the nation It has not issued an off-shore drilling permit for more than 30 years,  nor has it built a single freshwater reservoir during that time.  Counting state,  local governments and public pensions,  the state owes itself $612 billion dollars  - a debt that will never be repaid.  

And this past week,  the geniuses who run this state,  Democrats all,  held their first Cap and Trade auction.  The word was out that this auction was going to give California much needed cash flow.  Don’t forget that “Cap and Trade” is all about the redistribution of money .  Problem,  of the anticipated 1 billion dollars to be raised in the auction,  only 140 million dollars were brought in  --  86% less than hoped for.  

The state is a joke.  

My wife and I,  both retired,  are getting ready for the future,  in this state  (we are talking about moving to Colorado or Arizona).  We are refinancing out home,  giving us an additional $300 per month.   Also,  we are looking into solar.  Our current electric bill runs $350 per month,  and that is expected to more than double by 2020,   because of alternative energy requirements.  

If the Feds take away our home owners mortgage deduction,  costing us $2,000 a a year out of our fixed income,  we will be forced to leave the state in spite of all that we are doing to finish out our time, here.
In the end,  because we have no political leadership that understands the principle of “spending only what you have available,”   my wife and I have no idea what the future holds. We don’t know because our political class does not know.  

The recent failed auction is a perfect example of my complaint.    

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