Why the State General Fund Is Mad at You
California’s Fiscal Backstop Breaks Its Silence to Lash Out at Special and Rainy Day Funds, Reforms, and Reports of Its Own Volatility
It’s time for you to stop picking on me, California.
For most of the past dozen years, I was badly in deficit. I heard all the talk—about how my shortfalls were hurting children and poor people, about how I was unmanageable, and about how my inadequacies were compromising the future and raising the prospect of the state falling into the sea.
I tried not to take it personally. After all, I’m the financial backstop of the state, responsible for its core government functions—educating, medicating, and incarcerating. Trying to be the bigger guy, …