Current Economic Crisis: California
This brief page is on the site not just because California would have the world's 10th-largest economy if it was a nation (at least, this used to be the case). It's also my employer, the employer of many close friends, and the home of CALPERS—the largest public pension plan in the U.S., and unwitting poster child for the coming crisis in pension plans.
Interactive guide to state budget crisis, June 2009.
Summer 2009 budget cripples 2010 finances: California finally (sort of) passed a budget in late July 2009, but it puts us way, way in the hole for 2010—which will be gnarly in its own right.
Regular folks falling through the cracks: California's newly poor push social services to brink
So you thought 2009 was bad? Projected budget deficits for 2010 (all states)
Dismal status of state budgets
gets worse (Sept 2009).