Wednesday, May 20, 2009

California is hosed

Megan McArdle lays the cards on the table. Her closing thoughts -
California will go bankrupt, muni and state debt will spike, the federal government will backstop humanitarian programs and very possibly all state and local debt, and eventually, California will figure out whether it wants higher taxes or lower spending. But we will not actually make the world a better place by enabling the lunatics in Sacramento to pretend they can have both.

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