According to the Wall Street Journal:
Total state expenditures have grown to $145 billion in 2008 from $104 billion in 2003 and California now has the worst credit rating in the nation — worse even than Louisiana’s. It also has the nation’s fourth highest unemployment rate of 9.3% (after Michigan, Rhode Island and South Carolina) and the second highest home foreclosure rate (after Nevada).
Worse than Lousiana? Oh no!
Yeah, it’s amusing to me that little extra clause in the sentence. But look at the numbers. A 40% increase in five years! No wonder we’re flat broke as a state. And now all the Democrats and union are whining about restricting spending? What do their own households look like? Repeat after me, you can’t spend money you don’t have. You save money when you have extra.
But California doesn’t believe either of those statements.