California needs to declare bankruptcy! It is absolutely essential to get out from under all the debt that now is rated close to junk status. They also need to get out from all those contracts. A bankruptcy that erases all contracts would allow California to go forward paying all workers 10 dollar an hour for the time being (That includes the Governator.) All pensions would be capped at 24,000 dollars max per year. I am the first person calling for it, but eventually others will admit that bankruptcy and restructure of all contracts and debt is the only way. This state just got carried away with all the liberal spending. There are people getting $100,000 pensions and that is morally wrong. We have got to downsize expense to go with the present deflation sweeping the land.