Economy

California’s education budget crisis: The story so far

In California, a faltering economy, a burst housing bubble and dwindling tax revenues are adding to a growing budget deficit that is projected to reach $18.9 billion in the 2010-2011 fiscal year. To combat the growing deficit, lawmakers have enacted sharp cuts across the state budget, including public education at all levels, from K-12 to the University of California. School systems trying to fill budget gaps have employed stimulus money, furloughed employees, deferred hiring, cut enrollment and increased fees. Over…

The loan modification mess

The federal government launched Making Home Affordable, a loan modification program, last year to help struggling homeowners avoid foreclosure. But as one Glenview woman is finding out, getting lenders to participate isn’t easy.