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This is their history. Their tax structure makes planning by Raoul

extremely difficult. Thus they need (and thanks to Jerry Brown, have) a solid rainy day fund contingency. But even that could get impacted.

Part of the issue is spending, and part is revenue. California has a 5.1% unemployment rate - only District of Columbia and Nevada are higher. And GDP growth in CA in Q3 was an OK 4.8% (basically average), but that well lagged Nevada's 6.3% so I'd bet on NV's improvement in unemployment before CA.