California
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Tough Love for California. House Chamber, Washington, D.C. June 11, 2009 M. Speaker: Gov. Schwarzenegger of my home state of California has called for the federal government to underwrite as much as $15 billion of Revenue Anticipation Notes that the state has to issue to avoid insolvency.
By Tom McClintock A generation ago, California exemplified its nickname, “The Golden State.” State spending was less than half per capita, inflation adjusted, what it is today. Its debt-service ration was less than a third. Yet Californians enjoyed one of the finest highway systems in the world and one of the finest public educations systems in the country.
By Tom McClintock On June 28, 1991, the California Assembly began debate on what was then the biggest tax increase in California’s history: a $7 billion tax hike pushed by Gov. Pete Wilson that included increases in sales, income and car taxes.