California's Reckoning and Ours

By Robert Samuelson - August 3, 2009

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WASHINGTON -- California's budget debacle holds a lesson for America, but one we will probably ignore. It's easy to attribute the state's protracted budget stalemate, now temporarily resolved with about $26 billion of spending cuts and accounting gimmicks, to the deep recession and California's peculiar politics. Up to a point, that's true. Representing an eighth of the U.S. economy, California...

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Robert Samuelson

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