Good old California

 The government system is looking at a 7 point decline in tech stocks, and suffering the double hammy on capital gains tax and pension yield dropping. Their bankers did a stick save yesterday, a single day 3 point drop was a shock.   Then they get a consumer slow down as gas prices rise, sales taxes drop All of this and the 6 point COLA bill due and payable.

The legislature want a 10,000 tax on labor per year for MediAll.  Many of the best tax payers already gone, and the teachers tax never came around. Add in unaccounted covid costs, and herds of boomers retiring.

Then we have the Fed fake tapering. Swamp looking a a 30% rise in interest costs. Municipal bonds have higher yields. Crunch the numbers and that famous budget surplus is gone.

This is a great big 'I dunno'.