Watching a Treasury Wreck...

California
According to news reports yesterday, behind closed doors the Department of Finance is privately admitting to a $14 billion shortfall between this and the next budget year. Assuming that this shortfall occurs AFTER blowing through the $4 billion reserve, that makes the actual operating deficit $18 billion.

The problem is not a revenue shortfall. The problem is that spending has increased 33 percent.

That’s how you wreck a state’s finances. It works every time.

[yet we keep returning the some bunch to Sacramento, year after year]

http://www.carepublic.com/blog.html?blog_id=210&frompage=latestblog&domain=tom_mcclintock