DOES CALIFORNIA INFLATION MEAN ITS IN DEFAULT?

If you read the comments sections of local newspapers you will quickly become award of a growing divide in public opinion between the elites who write newspaper articles, do opinion polls, and are state officials and the average Joe Public or Juan Publica. Public officials claim the state is not insolvent and is not going to go bankrupt.  But the public disbelieves this and says the state is bankrupt.  Who is right?  And is there a way out of this morass without increasing taxes?  

Read here: Inflation Means California Default 

http://www.calwatchdog.com/2011/04/29/inflation-means-california-default/