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Instead, California is now called a “dysfunctional”, “ungovernable” and even “failed” state. When Mr Brown began his first stint as governor, California had an AAA credit rating, the best there is. Today its rating is A-, the worst among all 50 states and not much better than “junk”. The boss of JPMorgan Chase, America’s second-largest bank, last year told investors that he was more worried about California’s solvency than Greece’s. For three years California has been mired in a budget crisis. At its nadir, the state was paying its bills in IOUs instead of cash.
California is extremely unlikely to default on its bonds (if only because its constitution ranks bondholders ahead of everybody except schools to get paid). But it has already defaulted on the expectations and dreams of many of its citizens. Since the recession began, California has had to cut its spending by more than the size of the entire budget in most states. And it will have to cut a lot more.
Behind these cuts is human hardship—poor families who will no longer get subsidised child care to allow the parents to work, old and sick people who no longer receive visits from carers, pupils who sit in larger classes and get less attention, young people who can no longer afford to pay the higher tuition fees of the state universities. And things will get worse before they get better. California will face structural deficits of about $20 billion a year for quite a while, according to Mac Taylor, the state’s non-partisan legislative analyst.

A. 어휘
dysfunctional 기능장애의. ungovernable 통치불능의.
stint 업무, 할당된 일, 정량. credit rating 신용등급.
junk 폐물, 고철. solvency 지불능력. mire 수렁(진흙)에 빠지다, 궁지에 몰리다.
nadir 天底(천저), 밑바닥, 구렁텅이.
IOU=I owe you 차용증명서. constitution 헌법.
bondholders 公債(공채) 소유자. recession 불황.
subsidise 보조금을 지불하다.
subsidised child care 보조금 받는 육아(육아보조금).
carer 돌보는 사람, 간호하는 사람. tuition 수업, 수업료.
structural deficits 구조적 적자. quite a while 오래 동안.
non-partisan 무소속. legislative analyst 立法(입법) 분석가.