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Note: this is a cross-post from my group blog, The Realignment Project. As California grapples with the Herculean task of trying to solve its budget crisis, there’s a sense of complete impasse on what to do – Republicans won’t vote for tax increases, there isn’t enough space in the budget to cut without eliminating some fo the basic functions of government, the governor won’t sign off on a majority budget. There’s been suggestions that the state could get some sort of financial backing from the Federal government, either in the form of a stimulative infusion to fill up the $24 billion gap, or in some form of a guarantee of California’s bonds so that the state can borrow money for routine cash needs without having to pay exorbitant interest rates, and hopefully so that the state can re-start its stalled public works projects (including the High Speed Rail line that was voted in back in 2008). Politicians, pundits, and the public from other states have reacted negatively to this trial balloon, arguing that California is responsible for its own fiscal crisis and that it would be wrong to help one state and not the other. In essence, the reaction is “this isn’t our problem, we shouldn’t have to pay to fix it.” However, I’m going to argue that it actually is all of our problems, that we are all in the same boat, and that there’s a way to fix it.
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