California is almost certainly well-past the tipping-point of economic destruction.
The mere fact that this article is taken as serious journalism by anyone in the state pretty-much confirms this.
"California's dark days of budget deficits and severe spending cuts may be nearing an end."
Bwahahaha! I don't know what's funnier -- the fact that they think that there have already been significant budget cuts, or the fact that they think that hugely draconian cuts can be avoided in the future.