On July 1, California entered fiscal 2009 without having enacted a state budget. Nothing new in that: Budgets have been late in 16 of the past 20 fiscal years. The cause was also not unusual: There was a budget gap, generated partly by the slump in housing, partly by the absence of enormous stock-market profits and partly by the ongoing boom in state spending. Nothing new in that, either. Meanwhile, the productive, private part of California's economy has been cyclical for decades, while the unproductive government part keeps growing, and spending money it doesn't have. The size of the gap...
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