Sleepless In Seattle, Screwed In Sacramento

Despite all evidence to the contrary--including Governor-elect Brown's comments that the state's finances are in even worse shape than he thought--our Democratic state treasurer tells us that everything's all right, yes, everything is fine:

State Treasurer Bill Lockyer and economist Stephen Levy published a piece in the Los Angeles Times that argues that California doesn't really have any fundamental problems. In their piece, Lockyer and Levy don their rose-colored glasses and give us the same tired old excuses, twisted logic, and factual inaccuracies...

Lockyer and Levy claim that California's budget crisis stems strictly due to revenue shortfalls...

Lockyer and Levy ludicrously claim that California's business environment is good. But disinterested groups that issue reports that consistently rank California as among the least attractive states are wrong, groups like the Tax Foundation and Chief Executive Magazine. Lockyer and Levy cite Public Policy Institute of California (PPIC) research that business relocations cause smaller percentage job losses in California, but the PPIC can't measure jobs that aren't created when businesses that could reasonably be expected to expand in or move to California don't.

Lockyer and Levy also repeat Brett Arends's claim that California's share of the World's venture capital has increased to 50 percent, but they neglect to note that the amount is declining, a lot, as Tim Cavanaugh showed here.

Nothing to see here, please move along. We have everything under control.