(1)
California has had and will almost certainly have a 20 billion dollar budget deficit every year...a truly "absolute, dreadful financial mess".
(2)
All this money creation, borrowing, flooding market with massive amount of funds by federal government and the Federal Reserve...is it just drug to mask the symptom or real medicine to cure the desease?
Market will tell.
Let's hope these elected and appointed administrators are at least partly right.
Like they say, you have to grow but not print your way out of a recession.
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