How California's Fiscal Woes Began: A Crisis 30 Years in the Making
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California Governor Arnold Schwarzenegger addresses a joint session of the legislature discussing the state's budget crisis and the necessary steps that must be taken to solve it. Peter Grigsby / Reuters
By Kevin O’Leary / Los Angeles Wednesday, Jul. 01, 2009
With California a day away from issuing IOUs instead of paying its bills, Gov. Schwarzenegger and the legislature remain at odds over how to close a now $26.3 billion deficit. Schwarzenegger on Thursday ordered a third unpaid furlough day for 235,000 state employees. With its $1.7 trillion economy sputtering and 11.5% unemployment surging, California’s difficulty in balancing its budget could affect the national recovery.
But the Golden State’s budget problems are hardly new. The seeds of them were planted more than 30 years ago.
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