January 31st, 2012 5:09 pm
What’s Wrong with California in Two Sentences
In a letter (pdf) to California legislators, State Controller John Chiang summarizes the Golden State’s fiscal problems with deft understatement:
As of December 31, 2011, total receipts are coming in $2.6 billion less than forecasted, and expenditures are $2.6 billion more than assumed. Together, both of these components translate into a $5.2 billion reduction in cash resources.
At least someone in California can still do math. Will it matter?
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