Remember when we told you that California was screwed because Schwarzenegger is the biggest-spending governor in history and his budgets depended on the housing bubble continuing forever?
Schwarzenegger admits it: "Kahleeforneeyah is like totally doomed, and it's all my fault." Well, not so much the part about admitting it's his fault. Don't expect a lying weasel like Schwarzenegger to take responsibility for his actions. But he now says the budget is twice as bad as he thought.
There are no good solutions. They can't raise taxes, because they'd drive businesses out of the state and/or hammer consumers in a bad recession. They've already done a lot of accounting gimmicks and borrowing from the future, so they're running out of tricks there. Democrats are proposing anything to scare the public into accepting more taxes: mass prisoner releases, mass teacher firings, mass closures of state parks, etc.
Schwarzenegger's fiscal policy is a lot like Greenspan's monetary policy: it overstimulated the economy in the boom times, and it's going to cause Hell in the downturn.
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