The governor acknowledges “we are in the midst of the greatest economic crisis since the Great Depression,” and that in “the past 18 months one-third of the world's wealth has vanished...We are not Washington. We cannot print money. We cannot run up trillion-dollar deficits. We can only spend what we have."  While reducing the budget for education, healthcare and prisons the governor assures that creative spending reductions will be implemented, such as “making textbooks available in digital formats.”  According to the LA Times: “print textbooks already cost the state $400 million a year…” Read transcript of the governor’s speech courtesy The Sacramento Bee.