California, Unsaved, Speeds Toward a Wall of Debt

A cursory glance at Governor Jerry Brown’s new budget could make you believe that California’s days of fiscal gloom are over as he champions a balanced budget and newfound “fiscal restraint.”

California had been floating in debt. Then Brown persuaded voters in November to increase sales and income taxes. Now he releases a budget that, as Brown said at a news conference last week, advances a progressive agenda but does so based on available dollars.