The Hole Story Has Yet to Be Told

Governor Brown says there is a big "hole" in the state budget that he will tell us about on Monday in the May Revise.  As readers of this blog will know, yours truly does not like the loose way in which the state budget is described.  Words such as hole, gap, deficit, etc., are used interchangeably and without clear definition.  Try looking up "hole" in an accounting textbook.  Stocks and flows are mixed together.  Time periods vary.  Nonetheless, here is what Brown said in a video just released:


Whatever "hole" means, it won't be pleasant.  Nonetheless, yours truly will attempt to unscramble the documents that are released on Monday. Stay tuned.