California’s budget will take a very big hit

A bit of fiscal history is in order.
The Great Recession that hit California 13 years ago had a devastating effect on the state budget.
General fund revenues — principally personal income taxes paid by affluent Californians — dropped by about 20% and to maintain basic services, the Legislature and then-Gov. Arnold Schwarzenegger ran up deficits and covered them with borrowed money.
They shifted money from special funds, such as highway construction and maintenance, to prop up the gen