Here’s Why California’s Budget Crisis Is Going To Be Much Worse Next Year…(Here’s Why California’s Budget Crisis Is Going To Be Much Worse Next Year…( Here’s Why California’s Budget Crisis Is Going To Be Much Worse Next Year…(You ain’t seen nothin’ yet)

Sunday, October 10, 2010
By Paul Martin

Joe Weisenthal
BusinessInsider.com
Oct. 10,2010

California recently closed its budget, but in January the state will need to begin working on its next one.

According to the LA Times, a $19 billion hole is already projected, and here’s the problem: The easy budget cuts and the easy tax hikes are already in the books.

The are other problems, too. The new governor, whoever that is, will be reluctant to waste political capital (Schwarzenegger had the benefit of being a lame duck) and fresh legislators will once again have to learn how the whole process works (California has term limits, meaning nobody ever sticks around long enough to know how it works).

The Rest…HERE

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