How Does This Happen?
Texas and other states with relatively low taxes seem to be holding our own during the current resession. Victor Davis Hanson asks why California with the highest taxes in the land is in such trouble.How does one explain how California is broke, tens of billions of dollars in aggregate debt, despite having among the highest sales and income taxes in the nation?
We are naturally rich beyond belief—timber, oil, agriculture, a long sea-coast, wonderful weather, mountains, sea, and valleys—and inherited lucrative industries in tourism, computers and software, defense and great universities. Our grandparents left us a once wonderful freeway network, a tripartite higher education system, ports, airports, dams and canals.
So what went wrong, and why are tens of thousands of Californians leaving the state with bachelor degrees and above, while tens of thousands enter without high-school diplomas?
posted by Liberty @ 5:50 AM
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