I.O.U.

It was never a realistic hope that California would pass a budget that would close a gap of $24 billion between spending and income. Too many critical state services need funding and the destruction of jobs and real estate values have driven down California’s tax base to an unanticipated low level.

The state said it would have to resort to paying vendors with IOUs if the new budget was not in place today, and that has inevitably happened.-- Douglas A. McIntyre (source)

As California goes the way of the Dodo Bird or the California Condor Creating Orwellian Worldview pauses to conserve energy on this day of California’s sliding into the Pacific Ocean of insolvency.

Last person out please turn off the lights!