CALIFORNIA UPDATE: Billions in red ink drowning California’s cities, schools and counties, too. I heard my state’s Finance Commissioner on George Korda’s talk radio show, and it’s clear that he regards California’s situation as a cautionary tale. I hope that other states are taking the same lesson.

UPDATE: Related thoughts from Don Surber: “I blame incrementalism. Some sob sister story creates a new program for only pennies a day that quickly becomes an expensive bureaucracy. And well, here we are.”