After I read Matt Taibbi’s piece about Goldman Sachs gaming the oil/gas marketplace and wrote my own response, I started to think about the massive $24.3 billion budget deficit in California, and I wondered, “How could they get that far in the hole?”
Sure, the global economy has tanked the past couple years and revenues aren’t coming in like they were, but how can the gap be so vast? Because we’re not talking a couple billion dollars. This took some doing and I had a really hard time believing this was due to simple revenue shortfalls or excess expenditures on infrastructure, health care, welfare and schools.
This entry was posted on Monday, July 6th, 2009 and is filed under California, Economy, Energy, History, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.