California's Rosy Budget Projection: The Other Side

Last week the California Legislative Analyst's Office came up with some rather optimistic projections. They predicted budget surpluses for the foreseeable future. This op- ed writer for the Sacramento Bee points out it's not as rosy as the LAO would have us believe. Tens of billions in growing debt for public employee retirement and health benefits being one issue they give little consideration.

They also didn't seem to consider the tens of billions in debt we'll face from the High Speed Rail project, but if the recent court ruling helps shut that down maybe that won't be an issue.