California basket case

How bad are the finances in California?

Really, really, really bad.

For example, according to a website run by the CA executive branch, the budget last year was 104.5 billion dollars. That's $2,843 per person in the state, according to the US Census 2008 population estimates. But revenues were 13.7 billion less than that, or $353.68 of debt per Californian for last year alone.

This year's budget is, of course, bigger than last years by almost 7 billion, but revenues are tanking.

Months ago, the politicians had to find a way to cover the 13.7 billion from last year, plus the shortfall this year--together estimated at around 42 billion. They patched that up, but now, with revenues falling even further, we're back in the hole an additional 15 billion.

That makes a total shortfall of 57 billion, on a budget of 111 billion, or more than half debt!

To break even, we literally would have to cut the budget in half, fire half the state employees, sell of state land, privatize everything we could, cut benefits and public programs, halt unnecessary construction projects, and downsize the government like no one has seen since Thatcher.

Sounds good to me!

With that said, I've already voted "No" today on the referendum to bail out the politicians and the state. Time to act like responsible adults, not children with a all-expense paid credit card from their lunatic parents.