Socialists don’t understand that every penny that the government receives in revenue comes from private sources. California has been driving private companies out of the state with taxes and regulations for decades. They pride themselves on being the most regulation-driven state. No coincidence, California is also the lowest credit rating state, because at the same time they were driving private companies out, they were relentlessly expanding government employment, and opening the border for millions of tax-cheating, under-the-table unskilled low-paid workers who demand oodles of “free” and very expensive government services provided by high-paid unionized government employees. California is rapidly approaching the socialist paradise - where everybody either works for the government or lives off the government, and real tax revenues are therefore zero. At some point the suckers will stop lending California money, when they realize that they can never be repaid, because there are no private workers left to pay taxes when everybody works for or lives off the government.
Before too long, the money will run out, so another fix can't be purchased, and the crash will begin.
Some people just have to hit rock bottom to learn their lesson. California is in a financial death spiral. Everything they do at this point to prolong the inevitable will just make it that much worse.