Not that long ago . . . .

Remember all the way back to 2003? There was a recall of then Governor Gray Davis:

(Via Wikipedia)

Backers of the recall effort cited Gray Davis's alleged lack of leadership combined with California's weakened and hurt economy. According to the circulated petition:

[Governor Davis's actions were a] "gross mismanagement of California Finances by overspending taxpayers' money, threatening public safety by cutting funds to local governments, failing to account for the exorbitant cost of the energy, and failing in general to deal with the state's major problems until they get to the crisis stage."

Now, five years later, after cutting taxes for the richest individuals and corporations repeatedly, the current Governor, Arnold something-or-other, faces this:

NEW YORK (CNNMoney.com) -- The world's eighth largest economy is on the verge of issuing IOUs.

Suffering from both a $15 billion budget deficit and a multi-million dollar cash shortfall, California is days away from not having enough money to cover all of its bills.

Starting on Sunday, state controller John Chiang plans to delay sending state tax refund checks, payments to contractors and disbursements to counties and agencies that provide social services. He estimates that the state will be at least $346 million short in February.

"Rather than helping stimulate the economy, withholding money from Californians will prolong our pain and delay our economic recovery," he said. "Individuals who already are vulnerable will be hit hard."

Hmmm---and when is Gov. Schwarz-whosis recall going to begin?