California’s own Department of Finance recently put out a presentation called “California at the Brink of Financial Disaster” (mentioned in a guest post by Jim Gobetz here) which is basically a quick rundown of how the state got into such a fiscal mess, and how it might go about fixing itself.
The last slide looks at the current state of the problem, and the takeaway is that as things look now, we’re looking at a huge, multi-year problem:
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See Also:
- Why Excessive Fear And The Likelihood Of A Bailout Make California Debt An Attractive Investment
- S&P Downgrades California To Third World Country Status
- Schwarzenegger Makes Emergency Appeal To White House For Bailout Of California