The inaptly named "Big Five" emerged from the mists and fog of The Governor's Office last night to announce "peace in our time"...no, that was another travesty of a summit some decades ago, but the fundamental fictional quality of the pronouncement remains the same. Actually, what passes for political leadership in this state declared that they had a budget deal that solves the fiscal follies of California for 2009-2010...
Well...
Details remain intentionally nebulous, but it would appear that the Titans of Sacramento have labored and strained to produce...accounting gimmickry. The jihad remnant that is the California GOP hails said deal for its lack of tax increases, and the senseless socialists that is the California Democratic Caucus laments its draconian spending cuts and "shared sacrifice." Which all sounds like a sham...
The more astute and informed observers note a high quotient of optimism and wishful thinking in the deal's revenue projections. This whole budget deal is still predicated on stubborn overspending and undertaxation in the face of steadily plummeting revenues, which means that even if the Legislature approves it Thursday, and the Governor signs it Friday, it could be obsolete and out of whack before Thanksgiving.
I predicted that Obamanon would have to step in and bail the state out. I'm going to wait on saying that I was wrong, if only because I don't believe this whole mess is truly resolved.
