Steven Greenhut on Why Big Government and High Taxes Haven't "Saved" California
Ever since California's voters approved the Prop. 30 sales- and income-tax increase on the November ballot, liberal commentators have been gloating about the resurgence of the Golden State after many years of predicted doom and gloom. Their evidence: Higher taxes seem to have cleared up the state's budget deficits. But as Steven Greenhut notes, all that's really happened is a temporary elimination of the deficit on paper. That can quickly change and the state is still living off of borrowed money.