California news

Haven'ty mentioned my home state recently. Here is what is happening. The GASB (Government Accounting Standard Boards) is ruling that pension obligation will no longer be undercounted. So counties are getting crunched with greater liabiities. That come right after the shift in prison expenses from state to county. Then came the soft landing of the economy, revenues proved to be a pipe dream. Mid-year budget cuts are due, and local governments are in financial disarray. So now Jerry Brown has pulled come pension reform, but we are headed to junk status out west. The Keynesians are hoping for the appearance of the great exogenous. Oh yes, the California Bullet train cost is no $100 billion.