California’s Real Budgetary Sin—We Spend Too Little, Not Too Much
Our State's Fear of Deficits Leads to Bad Management and Unforeseen Costs
We have reached the high holy days of California’s budget season, as our governor and legislative leaders decide which programs will gain new life, and which will be sacrificed. And so our state government’s ministers have begun their ritual sermons on the dangers of overspending.
They are preaching nonsense. California’s real problem is underspending.
Go ahead and dismiss my claim as blasphemy. After so many years of budget crises and big deficits, Californians have adopted a budget theology grounded in self-flagellation, even though our recent budgets contain small surpluses. You can probably …
