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Is California Going Bankrupt?

History is about to repeat in California as the State’s cash flood may be receding.
It’s familiar: A handful of Californians make a killing on investments, and their tax payments send state revenues soaring. Lawmakers go on a spending spree, without a plan for paying the bills when fortunes turn.
That was the late 1990s, when the dot-com boom made the state flush but the gains proved fleeting, and California came perilously close to running out of cash.
Now, as Gov. Arnold Schwarzenegger prepares a landmark program to expand healthcare coverage to millions of uninsured residents, economists say the state may not have […]

By Michael Shedlock

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