I think houses here in California (SF Bay Area) could drop in price by 50% and they would still be overpriced.

I work in healthcare IT and I can tell you that a large amount of state money is used to cover uninsured illegal aliens. Emergency room are overwhelmed by "immigrant" families.

California is completely f----ed.

There is no political will to raise taxes a penny on anyone or anything.

This leaves employment cuts. The poor will be first to go to the wall, the subsidized services they have access to -- schools, community colleges, libraries, medical care, transportation -- will be reduced.

Gov't will have to cut back payroll and vendor payments.

http://www.latimes.com/news/local/la-statebudget-fl,0,95571.htmlstory

I cut K-14 education back, eliminated community colleges entirely, cut gov't pension and health benefits, added two furlough days a month, eliminated "affordable housing" subsidies to LLs, made the State Park system pay-for-play . . . $15B in cuts, still need to find $8B more, and what's left is really marrow.

$15B in cuts divided by $15K per cut is a million cuts. A million lives or livelihoods impacted, often severely.

All the tax options available on that page make perfect sense to me, but then again, I'm a liberal.