California budget revenue estimates too high – again

The Keystone Cops of Sacramento attempt to avoid another budget crisis.

Who could have ever predicted that California’s rosy assumptions of increased revenue would be cruelly smashed on the rocky reefs of reality? Certainly not California state leaders, that’s for sure. In what has become a depressingly routine ritual, California makes hugely optimistic estimates of future revenue in desperate attempts to get the budget to balance, only to discover a few months later that revenue is lowered than expected.