California is Insolvent

One of the largest (10th?) economies in the world is bankrupt. They are $31 billion in the hole. Yesterday’s referendums based almost entirely on the notion that additional taxes needed to be raised failed. I dare say that the California sample is large enough to draw some conclusions. It’s my view that people have had it and revenue is not the answer. Californians appeared to be telling Arnold et al that reform and cost cutting are the answer. Am I correct? What does it mean here in Massachusetts? I guess in the absence of a referendum, the pols can raise taxes. Then what? Do we throw the bums out?  

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