Doug Kaye picks up the thread about California.
The California ballot is filled with these initiatives, all packaged to appeal to our passions and weaknesses. Just go down the list: This one’s for education, this one’s for the environment. That one over there supports firemen, and the next one is for policemen. And look: not a single increase in taxes. Looks like we can get all this for nothing! We’ll just borrow the money. Hey–it’s just as easy as putting it on our credit cards. What’s another municipal bond? No big deal.