Here's an interesting (and hopeful) article from Chris Nolan (the smart tech finance writer, not the director). In it, she suggests that the coming wave of IPOS for social companies headquartered in California may be just the ticket to dig us out of the fiscal hole we're in.
California Governor Jerry Brown is going to have a very successful third term since he'll probably be able to solve - or claim he's solved - the state's budget mess next year. Brown - the Steve Jobs of politics - is going to be the beneficiary of what can only be called pent-up demand in both the venture capital business and the stock market. In other words, people who need to sell their stock to earn their keep (venture capitalists, angel investors) have plenty of customers (wanna-be shareholders). And the stock market's increasingly looking healthy enough to support large-scale stock offerings.Basically, one or more of Big Social (Facebook, Groupon, Zynga, Twitter, LinkedIn, etc.) may go public in the coming year. When they do, the knock-on effect on the regional economy is going to be significant...and that is going to lead to a surge in tax collections.
Now on one hand, that's worth breathing a sigh of relief.
On the other, it's worrisome, because it will - again - delay actually sorting out our fiscal house of cards. I don't want my kids dealing with this; I want us to deal with it now.