Gov. Jerry Brown would like us to believe that California's fiscal issues are behind it because he offered a budget that is, at least superficially, balanced. But the Brown budget is just another evasion, a "kick the can down the road" plan that ignores that the state is running into that so-called "wall of debt." In my latest column for Bloomberg, I argue that it's wrong to think that the state's fiscal problems are behind it or to think that raising taxes is the simple answer to the problem. California raised its taxes, but the Legislature hasn't been in session long enough to squander the new dollars. And do you know any California millionaires who aren't making contingency plans?
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