For the third year in a row, California has been named the worst-run state in America, by 24/7 Wall Street. Is it any wonder? With at least10 Californiacitieson the verge of municipal bankruptcy, a $24 billion budget shortfall in 2012, including a mid-year shortfall of $930 million and $8.2 billion carried over from the year before, California is a mess.
“California carries an A credit rating from Standard & Poor’s, and an A1 from Moody’s — both worse than any other state except for Illinois. Explaining its rating, Moody’s pointed to the state’s history of one-time solutions to resolve its budgetary gaps,” 24/7 Wall Street reported in… Read More