Ain't no way the feds would let us 'sink or swim'. No way.
Cali alone is worth just shy of 1/5th of the total electorial votes needed to get a democrat elected... and this state is garenteed to go Dem as long as the electorial system is in place. The way it works, SF and LA are about the two most important areas for the dem party IN THE NATION.
In reality, what will happen to our situation is that they will try to jump up taxes and out-run the spending. I thin in the next 20 years you will see massive amounts of decent people leaving and going elsewhere as soon as they can find employment out of state. What will be left is millions upon millions of low-lifes and non-contributors... and Cali will become a national money sink.