Jerry Brown to Leave Office With $13.5 Billion Rainy Day Fund

California Gov. Jerry Brown has submitted his May revised 2018-2019 budget, which indicates he will leave office in January with the maximum $13.5 billion rainy-day fund.

Brown, a liberal Democrat, has complained that no politician should face the type of catastrophic financial crisis he inherited when he returned at age 72 on January 3, 2011 for his third term as the state’s chief executive officer.

At the time, outgoing Republican Gov. Arnold Schwarzenegger’s finance department was forecasting a $28.5 billion deficit over the next 18 months and California had been already been downgraded by to the lowest credit rating of any state in the nation.

Most political observers thought Brown might be the worst possible California governor for the crisis, given that after being termed out of office after eight years in 1983, he left newly elected Republican Gov. George Deukmejian with what was considered at the time a hellacious budget deficit of $1.5 billion. …

Click here to read the full article from Breitbart.com/California