California Bubble Bursting, Forced Limited Government

This article illustrates the ultimate myth of fiscal liberalism. Indefinite deficit spending cannot be sustained. The tax payers revolted against more taxes, and have required the government to make drastic cuts in spending and to privatize many areas where it had no business being involved in the first place. Check out this AP article. There are a number of golden nuggets in it, which I will highlight over the next week in detail.

California Faces Its Day of Reckoning