California enters the death spiral - Jennifer Rubin in the WashPost: "We don't all wish to be California." Jerry Brown banked on hope and delusion (not necessarily in that order) in the belief that a suddenly-improving business climate would lead to revenues that would forestall painful budget cuts.
Alas, the tax revenues did not materialize and spending continued unchecked. Now California is facing not the $9 billion deficit it expected but a yawning $16 billion hole. In other words, the budget cuts coming that were once just painful will now be excruciating and Gov. Brown wants raise taxes in the state with the 48th worst business tax climate. Good luck with that plan, buddy.