Wastrel Orange must step up — or go bankrupt

Wastrel Orange must step up — or go bankrupt

A few years ago, California’s state government and its cities were flush with cash as the feds dumped $600 billion in stimulus funds into the state. Like all good parties, this one couldn’t go on forever. As the spigot closed, inflation spiked (gee, maybe there’s a connection?) and the economy slowed, the state budget went from a whopping surplus to stubborn deficits. Cities struggle to balance their budgets. Media attention has focused on the t…