California debt crisis

The topic of this thesis focuses on debt and budget crisis in California. First two parts introduce specifics of California economy and the process of enacting budget. Third part surveys economic-political development of California since fiscal year 1975-76. Further part provide evidence of changing structure of tax revenues and real growth of expenditures per capita. Fourths part focuses on long-term debt in California and its comparison with other U.S. states and also analysis of cash flow crisis. Final part proposes some measures, which could moderate future crisis