By PAUL KRUGMAN
An excerpt of Krugman's Op-Ed from NY Times:
Despite the economic slump, despite irresponsible policies that have doubled the state’s debt burden since Arnold Schwarzenegger became governor, California has immense human and financial resources. It should not be in fiscal crisis; it should not be on the verge of cutting essential public services and denying health coverage to almost a million children. But it is — and you have to wonder if California’s political paralysis foreshadows the future of the nation as a whole.
So will America follow California into ungovernability? Well, California has some special weaknesses that aren’t shared by the federal government. In particular, tax increases at the federal level don’t require a two-thirds majority, and can in some cases bypass the filibuster. So acting responsibly should be easier in Washington than in Sacramento.
An excerpt of Krugman's Op-Ed from NY Times:
Despite the economic slump, despite irresponsible policies that have doubled the state’s debt burden since Arnold Schwarzenegger became governor, California has immense human and financial resources. It should not be in fiscal crisis; it should not be on the verge of cutting essential public services and denying health coverage to almost a million children. But it is — and you have to wonder if California’s political paralysis foreshadows the future of the nation as a whole.
So will America follow California into ungovernability? Well, California has some special weaknesses that aren’t shared by the federal government. In particular, tax increases at the federal level don’t require a two-thirds majority, and can in some cases bypass the filibuster. So acting responsibly should be easier in Washington than in Sacramento.
But the California precedent still has me rattled. Who would have thought that America’s largest state, a state whose economy is larger than that of all but a few nations, could so easily become a banana republic?
Krugman was commenting on California's tax system, in which taxes can't be raised even in an emergency without a two-thirds majority of votes.
1 comment:
The most bloggers come from the two worst politicaly messed up states, yep, the state of the Guburnator, and the Politicians gone wild state (IL).
When the rest of the 48 States think they have it bad, all they need to do is go to the Blogger sphere. Illinois an California are blogger to relieve the stress of the pols.
Obviously the Gubernator can't act, or get by on his good looks (like he had any) so now he has settled for politics, lucky for Californiya (Gub Speak) cough, cough So this is what flabbed up stupid action movie actors do when they get all flabbed up and wrinkled? Yep, go into Politics. Lucky you all in Californ-i-ya.
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