Tom Campbell is an economist and former politician who has held several important government positions in California and at the federal level. This document provides background on Campbell and then summarizes the current economic conditions in the U.S. and California's fiscal situation through a series of charts and analyses of GDP, unemployment, housing prices, productivity, federal budgets, state revenues/expenditures, debt, and taxes. Key points made include the large increases in the U.S. money supply, California's budget deficits and growing debts, and that California has high tax rates compared to other states.