Californians cut spending, in contrast to state government
The latest figures show state revenues last month were $811 million below projections. Nearly a billion dollars in just one month. Fiscal year to date, state income is running $1.5 billion below projections while state expenditures are $1.7 billion above â€” a $3.2 billion gap.
On the other hand, individual Californians appear to be doing a better job reining in spending.
"A majority of Californians â€” 60% â€” say the way they spend and save has forever changed in the wake of the economic downturn," says Citi's California Pulse report....