In California, Schwarzenegger Leaves New Deficit to Brown – NYTimes.com
November 17, 2010 § Leave a comment
LOS ANGELES — Five weeks after the Legislature passed a budget that promised to close a $19 billion budget shortfall, California has sunk back into yet another fiscal crisis, this time facing a $26 billion gap that is posing a major new challenge for the incoming governor, Jerry Brown, and seems almost certain to force deep cuts in a state already reeling from three years of financial turmoil.
i am testing a way of posting. but the post is still important. the drudge march to insolvency is a threat to all current systems. How bad can it get? Is there a path of recovery that could create new institutions?