As bad as those numbers look, I suggest the numbers are overly optimistic. California alone has raised its budget deficit projection several times from $4 billion, to $8 billion, to $14 billion, and that is just for fiscal year 2009. The California 2010 deficit is now projected to be $25 billion, a whopping 24.8% of the Fiscal Year 2009 General Budget. However, how can anyone have any confidence in the numbers when the projected deficit is revised higher every month?
CA is in line to become the largest bankruptcy ever- I say within 2
or 3 years. It will be hysterically funny to see the budget of the Goldenstate administered by a Federal bankruptcy judge
appionted by George Bush. The irony will be tremendous!
Interesting that Texas seems to be fiscally sound. I guess this
illustrates the difference between the social idealist of CA
and the practical realist(beancounters) of the Lone Star State.