California just filed its 2021-2022 audited financial statement, 350 days past the filing deadline. In its filing, the state admits that COVID-era unemployment fraud cost the state $29 billion that must be paid back to the federal government, and that in 2022, the state had $256 billion more in liabilities than it had in unrestricted resources. After accounting for restricted resources, such as purpose-specific state trust funds and bonds, the state still owed $55 billion more than it had. With massive stock market gains and unprecedented job growth in the high-earning tech field amid a post-pandemic recovery, 2022 was a...