In the face of strong national consumer spending and private sector employment gains, State Controller John Chiang released California’s December financial statement showing the General Fund is running a staggering cash deficit of $21 billion on an $88.5 billion budget. This imploding financial condition is a reflection of how California’s high businesses taxes and excessive regulations are accelerating the trend of businesses abandoning the state. According to Chiang:
“While we saw positive numbers in November, December’s totals failed to meet even the latest revenue projections. Coupled with higher spending tied to unrealized cost
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