California’s Day of Reckoning

Californians know they are overtaxed, which is why they decisively the recent series of initiatives designed to close the state deficit, largely through tax increases. Yet, they want to maintain high public spending.

Unlike the states, Washington can temporarily delay budget woes by firing up the printing presses. But we can no longer ignore economic reality. The financial crisis came from too much shortsighted borrowing and spending, and it cannot be solved with more of the same. It would be unconstitutional, and irresponsible, for Congress to enable California’s fiscally reckless ways.