“California, the state that gave us wheatgrass, the microprocessor, and the summer of love,” said Declan McCullagh in CBS News, “is about to provide us with yet another first: a bailout of a failing state government.” The state’s voters on Tuesday “soundly rejected ballot measures calling for higher taxes” to close a huge budget deficit, so Golden State politicians will now head to Washington "hat in hand," because California doesn’t have enough cash to make it through the summer.
The consensus in the blogosphere seems to be that we have to bail out California because it’s too big to fail, said Megan McArdle in The Atlantic. “But actually, we do have a choice: we could let them go bankrupt. And we probably should." Something has to get the "lunatics in Sacramento" to understand that they have to raise taxes or lower spending, and live within their means.
It's easy to see why everyone expects California to ask Washington for relief, said John Hinderaker in Power Line. The Obama administration is printing money like it's the solution to all economic problems. Why shouldn't California try to grab some of the "funny money" for itself?
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Watch out, China — America is working on dogfighting drones
- How liberals are unwittingly paving the way for the legalization of adult incest
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- 43 TV shows to watch in 2014
- The troubling persistence of eugenicist thought in modern America
- How the Simpsons/Family Guy crossover revealed the worst of both shows
- Why America won't have enough money to battle ISIS
- Why the Chinese military is only a paper dragon
- Libertarianism's terrible, horrible, no good, very bad idea
- 6 things the happiest families all have in common
Subscribe to the Week