Back in January the estimate was that California was in debt -- to the tune of $9.2 billion. In our new normal, that was seemingly palatable news. Now comes less agreeable news, the budget deficit is actually much larger than that. Today Governor Jerry Brown officially announced that the Golden State is facing a nearly $16 billion deficit.
At the risk of making the understatement of
the week, this is bad news. California does not have enough money to
keep functioning -- better said, it is dysfunctioning at this level.
Depending on your perspective, too little money is coming in or too much
money is going out.
What is a Governor to do? Well, there will be more budget cuts. Cuts
that were likely inconceivable five years ago are now very much on the
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