Friday, September 17, 2010

California's Budget Mess: Blame the Stock Market

A must-read for anyone interested in the reasons behind California's budget mess:

An excerpt: "[E]veryone related to California's pensions must have known for quite some time that the underlying assumptions were way too high. Yet, absurdly, when someone tried to correct these obviously broken assumptions, he was kicked out [by Democrats]."

My kingdom for a fiscally-sane Democrat or a socially-sane Republican. Sigh.

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