Gov. Jerry Brown declared (Thursday 1/11) that California’s budget deficit has vanished thanks to new tax hikes and past spending cuts, marking the first time since the recession that state leaders haven’t faced a deep fiscal chasm in January.”
Right. a couple of bong hits makes everything look better.
Politicians and a lot of people only look at the present income statement to make financial decisions. The balance sheet tells the story of a business or government agency health. Long term liabilities and reasonable expected revenues tells all. But the politicians don't want to look at that because they think they will be gone before the day of reckoning comes.