For three reasons, that's wrong. An honest assessment of the budget picture – of the sort required of corporations by the Sarbanes-Oxley law – would put the 2007-08 deficit at $16.3 billion, not $14 billion. That's because Sacramento treats the $48 billion in guaranteed-but-unfunded health care benefits for state retirees as if it were something ethereal instead of a huge fiscal obligation that state Controller John Chiang says should be prefunded with $2.3 billion a year. Both the governor and Assembly Speaker Fabian NÚñez continue to push for a grand health insurance measure under which nearly all employers would be...