Finally, the state of California has a budget!
It was getting to be embarrassing for residents on a couple of levels. Our state legislature could not agree on a budget and was at a stalemate for weeks. Then once they ran out of money the state sent out IOUs instead of payments for services and tax refunds.
What do you think would happen if you and I did the same thing? Well, we are doing the same thing when using a credit card from a bank or store because we don’t have the cash. ( But I don’t know a credit card where the borrower gets to decide the interest rate, do you?)
Although my personal budget has never been short $26 billion, I have had to make deep spending cuts at times in my life instead of using the consumer version of IOUs (credit cards). After my first marriage ended, my sons and I had to live on a lot less money which required adjustments.
Have you had to make severe lifestyle changes? I hope you were able to do it without the consumer version of IOUs unlike California.