California’s Budget Deficit
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I thought we had it bad here in New Jersey, but California is looking to face a $21 billion budget deficit this year. Part of the problem is that prison spending is over budget by more than $1 billion and K-12 schools were underpaid for about the same amount. The other part of the problem, is that the government in California (as well as New Jersey) seems to think that money falls from trees. These trees are the taxpayers of the state who have seen their taxes raise, property values lower and jobs cut.
Tourism is still a big part of California revenue is from tourism (in fact I am going to spend money on Anaheim motels when we visit Disneyland this year), but unless big government learns how to curtail spending, revenues will never meet the demand of spending.
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