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In closing its past budgetary gaps, California has acted more like the federal government rather than merely one of 50 states. Indeed, unlike the federal government (or sovereign nations), each state is required to balance its budget each year; and no state, at least in principle, has the authority to engage in the kind of discretionary deficit spending both the federal government and nations around the world routinely use to stimulate their economies.
- Cactus Moon
Member Submitted News
Jim Grant: “The idea of a strong currency is like the Old Maid in the card game – nobody wants the Old Maid, everybody wants a weak currency.”alexmark
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