Quote:
Originally Posted by Sly
California's problem is they depended so much on property value and real estate for income that when it collapsed they simply did not have the money to pay for all of its advanced social programs.
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Actually, California's deficit was already staggering and had led to major problems way before the real estate collapse. It just was deferred from year to year by accounting tricks and bonds until it got so big that it couldn't be "hidden" any longer.