I suppose I’m ignorant on why politicians were ever allowed with getting away with predicting revenue income and basing a budget on that. I think it should be constitutionally mandated that they can only spend the money that they have ALREADY collected from the previous year. It would be difficult to run a deficit if that were the case.
One minor problem with this scenario
Unfunded Pension Obligations Threaten Budget Funding for Core Priorities
Independent experts agree that California’s unfunded public employee pension obligations are becoming more and more of a budget problem - both for state and local governments.
Many recent, nonpartisan studies have illustrated just a how big a problem unfunded public employee pension obligations have become, though estimates of the scope of the problem vary.
As of June 30, 2009, the California Public Employees Retirement System (CalPERS) reported that its unfunded actuarial accrued liabilities in its main pension fund for state and local governments was over $49 billion-consisting of about $23 billion for the state and $26 billion for other public agenciesi
Showing a bigger problem, a report by the bipartisan Little Hoover Commission found that the top 10 public employee pension systems in California - including plans for both state and local government workers - faced a combined $240 billion shortfall as of 2010.
A study by the Stanford Institute for Economic Policy Research more recently pegged the combined total unfunded pension liabilities of CalPERS, the California State Teachers Retirement System (CalSTRS) and the University of California retirement plan at $485 billion.
I project that I am going to win the lottery this year.
Yeah, rearranging numbers on paper ALWAYS fixes things!