California’s Attempt to “Assume” Its Way Out of Debt Is Falling Short

Back in July, the California legislature passed Assembly Bill 114, which, the Los Angeles Times prescientally noted, requires school districts “to assume that they will get as much money from the state this year as they did in the last, even though the projections on which the state budget is based are unrealistically rosy. School budgets will probably have to be slashed midyear, and school boards and superintendents will have to deal with it then, on the fly.”

Districts are forbidden to lay off teachers or cut programs, so they better stock up on magic beans because - surprise! - revenues are falling short of projections. The Sacramento Bee reports the state fell $541 million short of July expectations, and there are already signs the state may also miss its August projections.

The good news is teachers will hold on to their jobs. The bad news is they’ll have to be paid with company scrip.


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