The recession has hit the Golden State hard. The housing bubble was bigger there than almost anywhere else, and the bust has been bigger too. California’s unemployment rate, at 11 percent, is the fifth-highest in the nation. And the state’s revenues have suffered accordingly. Full Story »
Posted by Kaizar Campwala
Krugman suggests that California Republicans may be the model for the national party. this is an overly partisan piece.
recent events suggest that the Republican Party has been driven mad by lack of power. The few remaining moderates have been defeated, have fled, or are being driven out. ... More »
A couple of days ago, I posted a bunch of articles about the fiscal crisis in California. In one review, I noted that this could be the future for many states--and was therefore relevant outside of California. It's always nice when a Nobel laureate agrees with me. Only Krugman has upped the ante and sees it as a possible future for the nation as a whole!
Dr. Krugman wonders if California's "ungovernability" is the way the rest of the nation and federal government will head.
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