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Subject: | FWC: The Californization of Washington [America] |
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Date: | Thu, 4 Mar 2010 15:22:47 -0800 |
From: | Jas Jain |
Jas
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http://online.wsj.com/article/SB10001424052748704541304575099371249822654.html
MARCH 4, 2010
The Californization of Washington
California's economy is large, rich and vibrant. It accounts for more than $1 of every $7 of goods and services produced in the U.S. and is bigger than all but seven countries. California has less taxpayer-backed state debt per person than Massachusetts and less as a percentage of its economy than New York, according to rating agency Standard & Poor's.
By such measures, California, though hit hard by the recession and housing bust, would seem an unlikely candidate for a government that might not pay its debts. But it is, the result of a dysfunctional political system that combines well-financed referendums, super-majorities in the legislature and politicians unable to grapple with fundamental issues. Talk, now fading, is that only a constitutional convention can fix things.
The future, it's often said, arrives in California first. Is Washington next? The stalemate over health-care legislation, despite widespread acknowledgment that the status quo is unsustainable, underscores the inability of the political system to cope with complex, long-term fiscal issues. Call it the Californization of America.
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